2C2P and Myanmar Citizens Bank launch prepaid card

Source: 2C2P

2C2P, a leading Southeast Asian payment services provider, and Myanmar Citizens Bank, Myanmar's leading private bank, announced the launch of Citizen Card. Citizen Card is a reloadable prepaid card accepted by MasterCard merchants globally.

It comes with an optional smartphone application allowing cardholders to manage transactions with real-time monitoring and online support on both iOS and Android platforms.

Mr. Aung Kyaw Moe, Group CEO at 2C2P said, "Targeted at the retail, and travel and tourism sectors, Citizen Card will facilitate both physical and online shopping. It will also be of use to Myanmar tourists when they travel overseas, as consumers can enjoy special benefits and privileges at destinations such as Thailand and Singapore, with a number of partner merchants in the airline, food and beverage and hospitality sectors."

Mr. U Myint Win, Managing Director of Myanmar Citizens Bank said, "Myanmar is on course to boom over the subsequent years. Within the last two years, the country has seen its first ATM, the first debit card and the first internationally accepted card. Building on this momentum, we are pleased to partner with 2C2P and launch MCB's very first prepaid card, which will help support the imminent growth in Myanmar e-commerce."

Supply of the Citizen's Card will be limited to 5,000 units. Citizen Card can be obtained at any MCB branch in Myanmar. It is also available via the MCB website by filling out an online form. Cardholders will enjoy special benefits with merchant partners, in addition to waived sign-up fees. Existing cardholders can add value to their Citizen Card at any MCB outlet, with more top up options rolling out in 2015.

According to McKinsey & Co, Myanmar is expected to quadruple the size of its economy from US$45 billion to over US$200 billion by 2030, with per capita GDP rising from US$1,300 in 2010 to $5,100 by 2030.

"Myanmar is slowly moving to embrace cash-alternative solutions. The country is in need of various kinds of payment processing services. I believe 2C2P will find good opportunities here," said Aung.

This year in Myanmar, 2C2P has introduced iACCEPT, a mobile point-of-sales system with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International. The company also commenced working with key clients in the aviation sector, providing payment services to Myanmar National Airlines and Air KBZ. In July, 2C2P partnered with Creative Web Studios, a Yangon-based ecommerce solutions provider, working to drive financial inclusion and develop Myanmar's contactless payment infrastructure. The Singapore-based company also has offices in other key Southeast Asian markets, including in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong. 

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