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Myanmar has taken measures to introduce international electronic payment services, bringing in so far three international payment cards to facilitate foreign travelers in domestic payment in preparation of the upcoming Myanmar-host 27th Southeast Asian (SEA) Games in December this year.
The three international payment cards are Master, Visa and China Union Pay (CUP) cards and it is expected to add Japan Credit Bureau (JCB) card soon.
Master Card was introduced as the first international e-payment card in Myanmar in November 2012, followed by Visa Card in December 2012 and CUP card in February 2013.
The introduction of the three international payment cards is a follow-up program of MPU (Myanmar Payment Union) card which was offered for local citizens.
The move-in of the international bank cards came after the United States eased some financial sanctions on the country, before which foreign visitors were unable to use international credit cards on account of such sanctions on money transactions since 2003.
Myanmar's monetary reform is made in coordination with member banks of Myanmar Payment Union (MPU), the Central Bank of Myanmar, Internal Revenue Department, Myanmar Posts and Telecommunications (MPT) and Myanmar Information Technology (MIT) Co..
MPU was established in September 2011 by 17 domestic banks in Myanmar including three state-owned banks and 14 private banks and starting September 2012, MPU debit card was introduced for services domestically.
The three international payment cards are cooperating with three Myanmar private banks -- Kanbawza Bank, Cooperative Bank and Myanmar Oriental Banks in offering services at the banks' automatic tellers machine (ATM) and points-of-sale.
Tourists and business travelers with these international cards are able to withdraw money in local currency (Kyat) at ATMs of the three banks.
At present, there are 198 ATMs and 465 points-of-sale with the MPU member bank network.
The service charge for each withdrawal is 5,000 kyats (5.95 U.S. dollars).
In addition to allowing in international e-payment cards, Myanmar is also making efforts to introduce MPU card for use in foreign countries in 2014 to facilitate Myanmar citizens traveling abroad.
International banking cards are being invited to join in MPU member bank network and sign agreement with Myanmar for the e- payment services abroad.
Meanwhile, as a continued measure of easing its financial sanctions, the U.S. Treasury Department has allowed in late February four Myanmar state and private banks access to American financial system. There are 19 private banks and four state-owned banks in Myanmar.
