Global payments and technology company MasterCard and CB Bank have rolled out their first prepaid travel card in Myanmar, which will be available to customers travelling abroad.
Dubbed as the CB Bank EASI Travel Prepaid MasterCard, the launch of reloadable prepaid card will boost the development of electronic payments ecosystem in the country, claims the US payment company.
CB Bank executive vice chairman and CEO Kyaw Lynn said, "CB Bank continues to be first in the electronic payments sector in Myanmar and we are pleased to be able to collaborate with MasterCard to launch this travel prepaid card.
"We are so glad to introduce this travel prepaid MasterCard card to help make their travels safe and hassle-free without the worries of carrying large amounts of cash."
Myanmar is witnessing a gradual improvement in electronic payments infrastructure from the launch and installation of ATMs, point-of-sale (POS) terminals, and prepaid cards.
MasterCard Southeast Asia president Matthew Driver commented, "Part of our financial inclusion strategy in Myanmar is to educate the local population about the value of electronic payments – we would like to help them understand the benefits of doing away with cash."
It is believed that more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting payment cards, by the end of the year, following the rollout of Point-of-Sale (POS) terminals in March this year with CB Bank.