Myanmar Payment Union and JCB sign MOU

The Memorandum of Understanding (MOU) regards MPU member bank issuing of JCB debit cards to residents of Myanmar. The initial timeframe of the MOU anticipates the launch of MPU/JCB co-branded card issuing in 2015.

The scope of the MOU is for MPU member banks in Myanmar to issue MPU/JCB co-branded debit cards linking to their customers saving accounts. The cards will be accepted on the JCB international network.

MPU was established under the guidance of the central bank of Myanmar with 20 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.

JCB is a global payment brand and 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 83 million card members. As part of its international growth strategy, JCB has formed alliances with more than 350 banks and financial institutions globally.