Myanmar/ Malaysia, Nov 25 (ANI): Myanmar has become a new investment destination. The rapid economic growth and rise in per capita income in the country has generated a demand for payments through credit cards. In order to construct a cashless electronic retail payment environment, Myanmar Payment Union (MPU) was established by the Central Bank of Myanmar with 17 local banks to promote the acceptance and issuance of payment cards in the country. MPU started the first ATM card payment system interconnecting through the local banks, with issuing the MPU Debit card in 2012. JCB, a major global payment brand based in Japan, has partnered with MPU and promotes the development of payment infrastructure at a rapid pace. However, the challenges still remain in social infrastructures such as stable electricity and tele-communication.
