ETW Staff – Mumbai
MasterCard and CB Bank have launched a prepaid travel card called the CB Bank EASI Travel Prepaid MasterCard card for the locals. The reloadable prepaid card will be made available to Myanmar residents when they travel outside the country. MasterCard has been working very closely to enable CB Bank to roll out its first prepaid MasterCard card. CB Bank is already certified and has undergone full system testing as part of its efforts to be connected to the global payments network.
Matthew Driver, president – Southeast Asia, MasterCard said, “Part of the allure of operating in such a frontier market is in seeing the vital steps of financial inclusion play out. A vast majority of people in Myanmar don’t have access to financial services. But the payments infrastructure is rapidly developing, from the rollout of ATMs, point-of-sale terminals, and now with the introduction of prepaid cards. This presents an alternative option for the growing number of locals who’ve had to carry wads of cash when they leave the country for business or leisure travel. It offers them a safe and secure payment method while abroad.”
It is expected that more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting these prepaid travel cards by the end of this year.