Myanmar’s Co-Operative Limited Bank (CB Bank) and Mastercard are working together with local merchants on the country’s first broad rollout of contactless payments.
CB Bank, a leading Myanmar-based bank, this fall will distribute contactless-enabled Mastercard credit cards to its customers and simultaneously work with local merchants to enable contactless acceptance at 5,000 locations across the southeast Asia nation, according to a Thursday press release.
“Today we are marking another milestone in Myanmar’s road towards a cashless society,” said U Kyaw Lynn, CEO and vice chairman of CB Bank, in the release.
“The launch of contactless payments is an important step forward for Myanmar’s e-payment journey...as it is widely adopted as a preferred payment mode around the world,” added Donald Ong, Mastercard country manager for Thailand and Myanmar.
Mastercard entered the Myanmar market in 2012 and last year introduced a contactless prepaid travel card to enhance convenience for Myanmar residents visiting other regions. Financial inclusion is on the rise in
