YANGON, Sept. 1 (Xinhua) -- Myanmar started on Monday to launch one more international payment card, the EASi Travel China UnionPay Card, to facilitate local Myanmar citizens in domestic and international payment.
The cooperation in launching the international payment card is made between Myanmar's Cooperative Bank (CB) and China UnionPay ( CUP) International.
The EASi Travel China UnionPay Card is the second of its kind introduced in Myanmar after Easi Travel Master Card in November 2013.
The EASi Travel China UnionPay Card is to be deposited with Myanmar Kyats and can be used in China and outside China.
Accepted by over 140 countries and regions, the CUP card is being issued in more than 30 countries including Myanmar.
In December 2012, CUP International and the CB Bank signed an agreement to open ATM business in Myanmar and thenin May 2013, the CUP International also signed an agreement with Myanmar Payment Union (MPU) for payment at ATM and points-of-sale (POS) of its member banks.
At present, there has been 800 ATMs and 3,000 POS across Myanmar.
Myanmar introduced Master Card as the first international e- payment card in the country in November 2012 for foreign visitors, followed by its EASi Travel Master Card for local Myanmar citizens in November 2013.
The introduction of Master Card was followed by that of Visa card in December 2012, China Union Pay (CUP) card in February 2013 and Japan Credit Bureau (JCB) card in September 2013 in cooperation with more such private banks as Kanbawza Bank and Oriental Bank to facilitate foreign travelers in domestic payment.
These banks offer services at the banks' automatic tellers machine (ATM) and points-of-sale.
The introduction of the four international payment cards was a follow-up program of MPU (Myanmar Payment Union) card which was offered for local citizens for domestic use.
The move-in of the international bank cards also came after the United States eased some financial sanctions on the country before which foreign visitors were unable to use international credit cards on account of such sanctions on money transactions since 2003.
Myanmar's monetary reform is made in coordination with 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..
MPU was established in September 2011 by 17 domestic banks in Myanmar including three state-owned and 14 private ones and starting September 2012, MPU debit card was introduced for services domestically.
In addition to allowing in international e-payment cards, Myanmar is also making efforts to introduce its domestic MPU card for use in foreign countries in 2014 to facilitate Myanmar citizens traveling abroad.
International banking cards are being invited to join in MPU member bank network and sign agreement with Myanmar for the e- payment services abroad.
Meanwhile, as a continued measure of easing its financial sanctions, the U.S. Treasury Department allowed in late February four Myanmar state and private banks access to American financial system.
There is a total of 25 private and four state-owned banks in Myanmar with 35 foreign bank representative offices stationed in the country.