CB Bank is the first bank in Myanmar to introduce contactless payments
Myanmar – September 21, 2017- Leading Myanmar bank Co-Operative Bank Limited (CB Bank) has today announced the introduction of contactless payments acceptance for the first time in Myanmar. Under a partnership with Mastercard, CB Bank will facilitate the development of a network of Mastercard Contactless–enabled merchants across over 5,000 of its access points in Myanmar by the end of 2017, as well as all new merchants.
“Today, we are marking another milestone in Myanmar’s road towards a cashless society. CB Bank always strives to continuously improve, develop and innovate to advance Myanmar’s banking and payments industry. With today’s launch in partnership with Mastercard, the people of Myanmar will soon get to benefit from the safety and security and convenience of contactless payments,” said U Kyaw Lynn, CEO & Executive Vice Chairman, CB Bank.
Come October 2017, Mastercard and CB Bank will launch a Mastercard contactless credit card for Myanmar consumers. Mastercard Contactless makes payment and checkout easier, providing consumers a seamless, fast and secure way to pay for everyday purchases. Mastercard Contactless cardholders simply have to tap on a contactless-enabled merchant terminal to make payment.
“The launch of contactless payments is an important step forward for Myanmar’s e-payment journey. Contactless payments delivers greater convenience and security to consumers and merchants and is widely adopted as a preferred payment mode all around the world. We are therefore delighted to partner with CB Bank in introducing this in Myanmar,” said Donald Ong, Country Manager, Thailand and Myanmar, Mastercard. “Mastercard is committed to supporting Myanmar’s e-payment journey through innovative payment technology and the rollout of Mastercard Contactless in Myanmar with CB Bank reinforces that commitment.”
Mastercard Contactless cardholders will soon be able to make contactless payments for everyday purchases in Myanmar at a range of merchants including supermarkets, convenience stores and petrol stations, as well as outside of the country at more than 6.5 million locations in 97 countries where Mastercard Contactless is accepted. Contactless acceptance is an excellent choice for any merchant, especially in environments where speed and convenience are valued and cash is currently the dominant payment method.
Since its entry into the market in 2012, Mastercard has been working with CB Bank to support Myanmar in its journey towards financial inclusion. In October 2013, Mastercard and CB Bank launched Myanmar’s first ever payment product – a prepaid travel card for locals to use overseas. – with the subsequent launch of a contactless prepaid travel card in 2016, which was Mastercard’s first contactless card in Myanmar, as well as Mastercard credit cards in the same year.
About Co-Operative Bank Limited
Established since 1992, CB Bank is one of the earliest and largest private sector banks in Myanmar, employing more than 7000 employees. CB Bank has business lines in retail banking, corporate banking and SME banking. CB Bank offers services in consumer financing, cards & merchant services, corporate finance & advisory, international trade, treasury and transaction banking. CB Bank has 196 branches, 752 mobile banking agents and more than 600 ATMs all over the country. CB is also the largest international card issuing bank and holds the most market share in the POS merchant acquisition in Myanmar.
Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Venture Liang, Mastercard, +65 6390 5973
Samantha Yong, Weber Shandwick, +65 6825 8053
Naina Dhawan, Weber Shandwick, +65 6825 8057
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