Singapore-based payment services provider 2C2P (Cash and Card Payment Processor) and Myanmar Citizens Bank (MCB) announced that they have launched a reloadable prepaid card in Myanmar.
The card, dubbed Citizen Card, is accepted by American payment giant MasterCard merchants globally, 2C2P said in a statement.
The card comes with an optional smartphone application allowing cardholders to manage transactions with real-time monitoring and online support on both iOS and Android platforms.
“Targeted at the retail, and travel and tourism sectors, Citizen Card will facilitate both physical and online shopping,” Aung Kyaw Moe, Group CEO of 2C2P, said.
“It will also be of use to Myanmar tourists when they travel overseas, as they 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,” he added.
However, supply of the Citizen’s Card will be limited to 5,000 units, 2C2P said.
Citizen Card can be obtained at any MCB branch in Myanmar. It is also available via the MCB website by filling out an online form.
Cardholders will get special benefits with merchant partners, in addition to waived sign-up fees, 2C2P said. Existing cardholders can add value to their Citizen Card at any MCB outlet, with more top up options rolling out this year.
U Myint Win, managing director of MCB, said, “Myanmar is on course to boom over the subsequent years. Within the last two years, the country has seen its first ATM, the first debit card and the first internationally accepted card. 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.”
According to McKinsey & Co, Myanmar is expected to quadruple the size of its economy from $45 billion to over $200 billion by 2030, with per capita GDP rising from $1,300 in 2010 to $5,100 by 2030.
“Myanmar is slowly moving to embrace cash-alternative solutions. The country is in need of various kinds of payment processing services. I believe 2C2P will find good opportunities here,” said Aung Kyaw Moe.
In 2014, 2C2P introduced iACCEPT, a mobile point-of-sales system with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International. The company also started working with key clients in the aviation sector, providing payment services to Myanmar National Airlines and Air KBZ.
In July, 2C2P partnered with Creative Web Studios, a Yangon-based ecommerce solutions provider, to drive financial inclusion and develop Myanmar’s contactless payment infrastructure.