2C2P, the leading Southeast Asian payments services company, together with Myanmar’s Asia Green Development Bank (AGD Bank), the Myanmar Payments Union (MPU) and UnionPay International (UPI), have launched the ‘UnionPay and MPU Co-Brand Debit Card’, the first co-branded debit card in Myanmar that can be used to transact both locally and internationally.
MPU is the national payment network of the Republic of the Union of Myanmar. It authorizes the issuance and acceptance of all payment cards within the country, of which there are more than 1.2 million as of YE2015. MPU enables the processing of transactions within Myanmar. With UnionPay International (UPI), a subsidiary of China UnionPay, cardholders can shop and pay with international merchants – for the first time. UnionPay is the largest issuer of cards globally, with over five billion cards issued. It is accepted in over 150 countries by over 26 million merchants, and at 1.8 million ATMs around the world.
Aung Kyaw Moe, CEO and Founder of 2C2P said, “2C2P is committed to support Myanmar’s financial institutions. We do this by bridging the gap between local and international infrastructure. We bring our robust platform, as well as our experience and knowledge in international payments, making it possible for Myanmar’s banking and financial institutions to innovate – offering new services which leap-frog legacy financial technologies.”
Myanmar’s AGD Bank customers can apply for the ‘UnionPay and MPU Co-Brand Debit Card’; local and overseas usage will be debited directly from their bank account. Cardholders can also download the ‘AGD UPI Debit Card’ app to manage transactions with real-time monitoring and online support on both iOS and Android platforms, powered by 2C2P. Cardholders benefit from AGD’s loyalty programme, enjoying discounts and privileges at over 4,000 merchants domestically, across the food and beverage, retail, hospitality and travel and tourism sectors. They also stand to enjoy discounts and rebates through UPI’s merchant base across the world.
McKinsey estimates that Myanmar will quadruple the size of its economy from US$45 billion in 2014 to US$200 billion by 2030. Rising affluence and economic growth will be pinned to demographic trends – particularly around Myanmar’s young population. Forty-seven percent of Myanmar’s 51.4 million population is under the age of 24. They are driving the transformation of Myanmar from a cash-based economy to one that transacts with electronic and mobile commerce. Millennials are also responsible for the spike in Myanmar’s outbound tourism, from US$29 million in 2002 to US$257 million in 2012, a compound annual growth rate (CAGR) of 24 percent, according to the World Trade Organization.
U Than Ye, Chairman of AGD Bank said, “At AGD, we are committed to innovate, offering Myanmar’s young, fast growing and connected population the financial services that meet their evolving needs. In line with this, we take great pride in launching Myanmar’s first co-branded debit card, building the economic foundations for a progressive Myanmar.”