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Tokyo and Yangon, Dec 27, 2013 – (ACN Newswire) – JCB International Co., Ltd. (“JCBI”), the international operations subsidiary of JCB, and Myanmar Payment Union (“MPU”), the national payment network of the Republic of the Union of Myanmar (“Myanmar”) are pleased to announce that MPU and its member banks have started JCB merchant acquiring operations in Myanmar. With this launch, JCB cards will be accepted at over 2,000 MPU merchants throughout Myanmar starting December 2013.
Prior to this arrangement, JCB cards have been accepted at limited locations in Myanmar since 1995. The partnership with MPU will significantly increase the number of JCB merchants in this country, which will improve the card acceptance for JCB cardmembers visiting the region.
Myanmar with a population of 63 million is a country with increasing attractiveness as a new investment destination. There is growing demand for acceptance of payment cards from business visitors and tourists coming to Myanmar. At the same time, based on the MOU signed in 2012 for the issuance of JCB cards to Myanmar residents, JCBI and MPU plan to launch JCB card issuing through the member banks of MPU in the near future.
Mr. Koremitsu Sannomiya, President and COO of JCBI, said, “I am sure that this new business agreement will bring more benefit and convenience to JCB cardmembers visiting Myanmar, merchants, and acquiring banks.” “We foresee that the card market in Myanmar will be growing even faster thanks to the country’s strong economic development. Together with MPU, we look forward to exploring further business opportunities such as card issuance, and establishing win-win relationship by leveraging our flexibility,” he added.
Mr. U Mya Than, Vice Chairman of MPU, said, “The acceptance of JCB cards in Myanmar will open up a financial freedom to JCB cardmembers visiting for business or pleasure whereby JCB cardmembers can use their cards at over 2,000 MPU merchants and 500 ATMs.” “MPU’s role in the payment system is promoting its primary function of providing payment, clearing and settlement service, in this back ground, cashless payments are one of the important functions for the financial system and the economy as a whole. MPU has started payment card clearing network in collaboration with member banks since 2012. I believe both domestic and international card payment volume will be rising in dramatic form in the near future.”
MPU was established under the guidance of the Central Bank of Myanmar with 18 local banks as the national payment network in Myanmar to promote the acceptance and issuance of payment cards in the country and aim to construct a cashless electronic retail payment environment. By adding JCB on its payment network through this partnership, MPU will be able to offer card acceptance service at its existing merchants to JCB cardmembers visiting Myanmar.
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 25 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 16 countries and territories, with more than 82 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit:www.jcbcorporate.com/english
JCB International Co., Ltd.
Ayako Tanaka, Junko Asaoka
Myanmar Payment Union
Zaw Lin Htut
Chief Executive Officer