Myanmar’s Co-Operative Limited Bank (CB Bank) and Mastercard are working together with local merchants on the country’s first broad rollout of contactless payments.
CB Bank, a leading Myanmar-based bank, this fall will distribute contactless-enabled Mastercard credit cards to its customers and simultaneously work with local merchants to enable contactless acceptance at 5,000 locations across the southeast Asia nation, according to a Thursday press release.
“Today we are marking another milestone in Myanmar’s road towards a cashless society,” said U Kyaw Lynn, CEO and vice chairman of CB Bank, in the release.
“The launch of contactless payments is an important step forward for Myanmar’s e-payment journey...as it is widely adopted as a preferred payment mode around the world,” added Donald Ong, Mastercard country manager for Thailand and Myanmar.
Mastercard entered the Myanmar market in 2012 and last year introduced a contactless prepaid travel card to enhance convenience for Myanmar residents visiting other regions. Financial inclusion is on the rise in Myanmar, where the development of banking and payment markets have followed economic and social reforms.