A Japan based leading credit card issuer and global payment brand JCB International (JCBI) has entered into an agreement with Myanmar Payment Union (MPU), the sole payment network in Myanmar, to enhance the cashless payment industry in the country.
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Both the companies have signed a Master License Agreement, which would allow JCBI's card to be accepted in Myanmar through the member banks of MPU.
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The agreement entitles the JCBI cardholders to make payment at all card accepting locations in Myanmar.
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JCBI has a strong network of 24 million merchants with operation in 190 countries and over 80 million cardholders globally.
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JCBI cards are now issued in 16 countries and it has an alliance with 350 banks and financial institutions globally.
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MPU, established in 2011, is the only payment network in Myanmar with 17 banks from both private and public sector. It aims to create a cashless electronic payment environment in the country.
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The latest pact will allow the MPU to offer card acceptance service to international JCBI cardholders at its existing branches.
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Mya Than, Deputy Chairman of MPU said that through this partnership with JCBI they could improve the convenience for JCBI cardholder while adding that he hoped more and more customers prefer using JCBI cards in Myanmar.
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Koremitsu Sannomiya, President and COO of JCBI, said that this was an important milestone for JCBI's business in Myanmar.
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"JCBI promises to share its experiences and knowledge of payment business with MPU to contribute to the healthy developments of Myanmar's payment industry", he added.
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The JCBI's card acceptance service through MPU's member banks will be starting from autumn 2013.
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Both the parties will also explore the possibility of card issuing business in Myanmar.