Contactless payments coming to Myanmar

Fintech Innovation editors
Fintech Innovation

Myanmar's Co-Operative Limited Bank (CB Bank) will next month facilitate contactless payments acceptance in Myanmar.

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, including supermarkets, convenience stores and petrol stations.

“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,” Mastercard country manager for Thailand and Myanmar Donald Ong said.

A little over a year before this announcement by Mastercard and CB Bank, the two organizations made a similar claim to launching the country’s first contactless payment service in the form of CB EasiTravel Prepaid MasterCard Contactless card.

The difference was that the 2016 announcement was focused on contactless payments for Myanmar consumers traveling outside the country. The October launch will see contactless payment extended locally for everyday purchases.

What is consistent is the intent to provide payment experience that is fast, safe and convenient according to U Kyaw Lynn, CEO & Vice Chairman at CB Bank.

First published in Fintech Innovation

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