Myanmar Payment Union is in talks with Master Card for improved services. The financial services company has also signed an MoU with Korea’s KEN Hana Card for a co-branded card system.
MPU may partner Master Card
If the agreement becomes official, holders of both MPU and Master Card can withdraw cash at any local ATM machine or make a purchase at MPU accepted places, according to U Mya Than, chairman of MPU.
“We are in talks with Master Card and still under discussions. Master Card has had an agreement with local banks and is currently planning to have an official agreement with MPU,” he said, 7 Day reported.
Master Card, which has signed up with individual banks, is yet ink an agreement with MPU. There are 23 local banks as a member under MPU and have about 1.8 million users. MPU also has connection with China’s Union Pay International and Japan’s international credit card brand, JCB.
MPU inks pact with Korea’s KEB Hana Card
Myanmar Payment Union (MPU) has signed an MoU with Korea’s KEB Hana Card that will allow users of MPU to gain access to services provided by the Korean card firm.
The signing is just a first step towards a full fledged service offering, said U Mya Than, chairman of MPU.
KEB Hana Card is a premier card brand in Korea that aims to be global financial company in the mobile payment market. Following the deal, businesses from Korea will be able to use the financial services offered by MPU member bank in the country, he said.
MPU and KEB Hana will also act as a co-branded card that can be used in both countries.
The use of MPU cards in the country started in 2012. Yangon and Mandalay are the two cities where MPU cards are widely used.