Reuters: Technology News: MasterCard takes step towards first Myanmar credit card

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

MasterCard takes step towards first Myanmar credit card Sep 6th 2012, 03:04 Wed Sep 5, 2012 11:04pm EDT (Reuters) - MasterCard Inc has reached an agreement with a bank in Myanmar to issue its first branded cards in the country, which, emerging from isolation after years of military rule, has an antiquated banking system and a largely cash economy. MasterCard Worldwide said in a statement on Thursday that it had given the licence to Co-Operative Bank Limited, which it said had the largest ATM network in the country. The network has 24 machines out of an estimated 82 for all banks -- derisory by comparison with most other Asian countries but a sign of progress in Myanmar, where ATMs were unknown until this year. The ones that have appeared in recent months are basic cash dispensers, restricted to customers of the bank that installs them. The new MasterCard plastic, which should be available in a few months' time, will be accepted by Co-Operative Bank ATMs and by retailers in the country as payment cards. MasterCard is the first of the big international issuers to venture into the former Burma. However, its cards issued abroad will not immediately be acceptable there. Credit cards are of little use in Myanmar, rarely accepted anywhere, and a spokesman for MasterCard said its initiative was part of the process of building up acceptance. (Reporting by Alan Raybould in Bangkok; Editing by Chris Gallagher) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions