News from the Wire

JCB, MPU partner on cashless payments in Myanmar

Friday, July 05, 2013 — 12:53:19 (EDT)

Tokyo, July 4 2013- JCB International (JCBI), the international operations subsidiary of JCB, the only global payment brand based in Japan, and Myanmar Payment Union (MPU), the national payment network of the Republic of the Union of Myanmar (Myanmar), have signed a Master License Agreement that will allow JCB card acceptance in Myanmar through the member banks of MPU. With this agreement, JCB cards will be accepted at all card accepting locations in Myanmar, which will significantly increase the level of JCB card acceptance in the country.

JCB cards are accepted at merchants and cash advance locations in 190 countries and territories, and issued in 16 countries and territories all over the world. JCBI, which has a solid cardmember base in Asia, is convinced of the need to expand its acceptance network in Myanmar because of its huge attention gathered from all over the world as a country described last frontier market in Asia.

MPU, the only payment network in Myanmar, is consisted of 17 banks with the aim to construct a cashless electronic retail payment environment. By adding JCB on its payment network through this partnership, MPU will be able to offer card acceptance service at its existing merchants to JCB card members visiting Myanmar.

Mr. Mya Than, deputy Chairman of MPU, said “Through the partnership with JCBI, we believe we can enhance convenience of JCB cardmembers from all over the world. We hope more and more customers prefer using JCB cards in Myanmar, with the fulfilling coverage of merchants via our member banks".

“This is an important milestone for JCBI's business in Myanmar", stated Mr. Koremitsu Sannomiya, President and COO of JCBI. “JCBI promises to share its experiences and knowledge of payment business with MPU to contribute to the healthy development of Myanmar's payment industry".

MPU will be phasing in JCB card acceptance through member banks starting in autumn 2013, both parties will also explore the possibility of card issuing business in Myanmar.

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Source: Company press release.