MasterCard Gains Traction in Myanmar

by Mercator Advisory Group 0

Woman shopping using debit card on white background

Not too long ago, Myanmar was one of the few markets worldwide where Western payment cards were not accepted. But in recent months, the small southeast Asian market has become the latest opportunity for MasterCard. And use is growing.

From Asia One:

Less than four months after MasterCard’s launch in Myanmar, foreigners have used the cards to withdraw about US$1.7 million(S$2.1 million) here, prompting it to expand its service, according to Pe Myint, director of Cooperative Bank.

Point-of-sale acceptance also started this month, but coverage is still minimal with just eight terminals in use countrywide. But MasterCard hopes to quickly increase the number.

Antonio Corro, senior manager for Master Card Worldwide (Indochina), said point of sale service would benefit both the commercial sector and tourism in Myanmar. By the end of this year, MasterCard plans to have more than 500 point-of-sale terminals in restaurants, hotels and retail outlets, it said.

Click here to read more from Asia One.

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