CHINA China UnionPay to develop payment service in Myanmar

CHINA

China UnionPay to develop payment service in Myanmar

Xinhua

20:35, February 21, 2019

YANGON, Feb. 21 (Xinhua) -- Chinese financial service provider UnionPay pledged to help Myanmar in developing payment infrastructure to transform into a cashless society soon.

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(Photo: VCG)

The UnionPay has extended its services to 174 countries and regions and UnionPay cards have been issued in 51 countries and regions to date including Myanmar, Vincent Ling, deputy general manager of UnionPay International Southeast Asia told the media briefing on Thursday.

To offer payment services in Myanmar, the UnionPay is now working in partnership with local Asia Green Development Bank (AGD), Ayeyarwady Bank (AYA), Co-operative Bank (CB), Kanbawza Bank (KBZ), Myanma Apex Bank (MAB) and Myanmar Oriented Bank (MOB).

In 2017, the UnionPay and Myanmar Payment Union (MPU) signed a chip card standard licensing agreement to adopt UnionPay chip card standard as MPU's sole technical standard in card acceptance and insurance.

China UnionPay entered Myanmar in 2012 and it is making efforts to localize its brand in Myanmar with products and services relevant to the local market.

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