Yangon, Oct 19 (IANS) Myanmar has allowed for four international bank cards to launch their operations to enable foreign travellers make domestic payments, the official media reported Friday.
The cards allowed are Visa, Master, CUP (China Union Payment) and JCB (Japan Credit Bureau).
It is the latest reform of Myanmar's monetary sector made in coordination with the member banks of Myanmar Payment Union (MPU), the Central Bank of Myanmar, Internal Revenue Department, Myanmar Posts and Telecommunications (MPT) and Myanmar Information Technology (MIT) Co, reported Xinhua.
The MPT and the MIT will work for technology and communication services required for launching the international card services at each member bank of MPU and their Automatic Teller machines (ATMs) and for usage of international payment cards at hotels and restaurants, the report said, adding that the Central Bank will supervise the card usage.
The move was in preparation for the upcoming Myanmar-hosted 27th Southeast Asian (SEA) Games in late 2013.
Allowing international bank cards to operate in the country would be another step forward for Myanmar's banking sector and would have positive improvement in tourism industry of the nation that could attract more foreign investors, bankers said.
At present, 17 private banks have participated in the MPU program and all private banks would join soon.
Initially, ATM had begun service in November 2011 with six private banks.
There is a total of 19 private banks and four state-owned banks in Myanmar.
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