UnionPay Commits to Modernizing Payment Infrastructure in Myanmar, Paving the Path for a Cashless Society
Global payment network UnionPay contributes toward Myanmar’s evolving economy by partnering local institutions to upgrade the nation’s payment infrastructure and making secure and convenient payment solutions more available to local customers and businesses.
UnionPay’s expertise in payments makes the global payment brand well-positioned to play an active role in catalyzing Myanmar’s payments system from one that is largely cash-based to an increasingly cashless one. According to the 2018 Nilson Report (Issue 1130), the leading authority on payments data and trends, UnionPay was ranked the first in transaction volume and cards in circulation; meaning that UnionPay has become one of the most popular brands in the world. Serving the world’s largest Cardholder base with over 7 billion cards globally, including those in 50 markets outside mainland China, UnionPay cards are accepted in 174 countries and regions.
UnionPay works closely with over 2,000 institutions worldwide to achieve win-win cooperation and mutual benefit. Since UnionPay’s entry into Myanmar in 2012, the leading global payment network has worked actively with local partners to advance the payment infrastructure of Myanmar, helping pave the path for the nation to transform into a cashless society. In 2016, UnionPay was the first international payment brand to partner AGD Bank to launch the first Co-branded AGD Myanmar Payment Union (MPU) UnionPay Debit Card. In the same year, UnionPay was also the first global payment network to partner AYA Bank to issue the first Co-branded AYA MPU UnionPay Credit Card. Till date, a wide range of prepaid, debit and credit cards are issued with AGD, AYA, CB, KBZ, MAB and MOB banks, with more partners in the pipeline.
“UnionPay is committed to connecting consumers, businesses and financial institutions through safe, convenient and efficient digital payments. We have been working to meet a growing demand for cashless payment solutions, as well as offering more choices for payment services. As the global payment brand with the most number of cards issued in Myanmar, UnionPay will also provide the necessary tools and financial educational pieces that help to inform on payment products and services in a Myanmar specific Finance and Payments Handbook ” says Mr Wenhui Yang, General Manager, UnionPay International Southeast Asia.
In 2017, UnionPay and MPU inked a chip card standard licensing agreement, with MPU adopting UnionPay chip card standard as its sole technical standard in card acceptance and card issuance. The MPU cards with UnionPay chip standard are being tested now. Previously, UnionPay chip card standard also became the industry standard of Thailand bankcard industry and has been adopted by some member institutions of Asian Payment Network.
“With abundant natural resources, a young population, and willingness to embrace new payment technologies, Myanmar has huge economic potential and the opportunity to leapfrog the traditional payment methods to become truly cashless. We are excited and privileged to be able to partner local institutions to serve the payment needs of local customers and businesses and help to modernize payments in Myanmar to foster more payment innovations, making financial services more accessible to everyone”, said Wenhui.
As UnionPay continues to localize its brand in Myanmar with products and services relevant to the local market, UnionPay Cardholders can enjoy offers at City Mart supermarket, popular dining outlets and discounts on Myanmar National Airlines. UnionPay Cardholders can also enjoy attractive offers in many popular tourist destinations around the world as they travel.