MasterCard and CB Bank will offer prepaid travel cards to Myanmar residents for international travel.
The card network has been working with the local bank for several months to deploy its first prepaid card, which will be called the CB Bank EASI Travel Prepaid MasterCard, following the easing of U.S. sanctions in Myanmar due to reforms by the country's government.
"Just as our country is opening up to the world, at the same time, the world is opening up to our countrymen and we're seeing more and more locals travel abroad," said Kyaw Lynn, executive vice chairman and CEO of CB Bank, in an Oct. 8 press release.
MasterCard and CB Bank have also partnered to deploy ATMs and point of sale terminals in the country. As is the case in many emerging markets, card-based payments are favored as a way to deploy banking service and security.
"A vast majority of people in Myanmar remain unbanked and don't have access to financial services. But the payments infrastructure is rapidly developingfrom the rollout of ATMs, point of sale terminals, and now the introduction of prepaid cards," said Matthew Driver, president of Southeast Asia for MasterCard in a press release. "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."