A citizen card launched by payment services provider 2C2P and Myanmar Citizens Bank is expected to support e-commerce in Myanmar.
The reloadable prepaid card is accepted by MasterCard merchants and comes with an optional smartphone application that allows cardholders to manage transactions in real time.
“Targeted at the retail, and travel and tourism sectors, Citizen Card will facilitate both physical and online shopping. It will also be of use to Myanmar tourists when they travel overseas, as consumers can enjoy special benefits and privileges at destinations such as Thailand and Singapore, with a number of partner merchants in the airline, food and beverage and hospitality sectors,” said.
Initially, supply of the Citizen Card will be limited to 5,000 units but plans are underway for options to roll out more within the year.
According to McKinsey & Co, Myanmar is expected to quadruple the size of its economy from USD45 billion to over USD200 billion by 2030, with per capita GDP rising from USD1,300 in 2010 to USD5,100 by 2030.
“Building on this momentum, we are pleased to partner with 2C2P and launch MCB’s very first prepaid card, which will help support the imminent growth in Myanmar e-commerce,” said U Myint Win, Managing Director of Myanmar Citizens Bank.
2C2P has also introduced in Myanmar iACCEPT, a mobile point-of-sales system with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International. In July, 2C2P partnered with Creative Web Studios, a Yangon-based e-commerce solutions provider, working to drive financial inclusion and develop Myanmar’s contactless payment infrastructure.