China Union Pay card deal
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China Union Pay (CUP) cards can now be used in Myanmar, with CUP and Myanmar Payment Union (MPU) joining hands on Saturday to introduce the service in Yangon.
CUP cardholders can withdraw money converted to Myanmar kyat at any of the MPU member banks’ 198 automatic-teller machines (ATMs).
They can also access their account at 456 relevant point-of-sale machines (POS) in the country, according to Than Nyein, chairman of the Central Bank of Myanmar.
Chief representative of CUP in Southeast Asia Yang Wenhui spoke at the launch ceremony on Saturday about the cooperation between MPU and CUP. He said CUP was a reliable international payment card used in 141 countries including Myanmar.
He stressed the role of payment cards in modern socio-economic systems, and said CUP was at the top in the payment card industry and widely used around the world. The group it wanted to share its success with MPU.
MPU consists of three state-owned banks and 14 private banks, all domestic. It was set up on September 15, 2011.
