INTERNATIONAL payment service providers Visa and Master have launched a contactless payment system in collaboration with CB Bank. It aims to substitute the current cash payment system in Myanmar, U Zayar Aung, head of cards at CB Bank told The Myanmar Times.
The service will allow users to make payments by just touching their debit cards and credit cards at POS (point of sale) machines. The launching ceremony of “Touch CB” service was held in Yangon on September 21.
Currently, that system can be used in all Capital hypermarkets.
The bank plans to extend the service to cover gas stations, restaurants and stores across the country within a year, he added.
“It is arranged to be applicable everywhere. For instance, if buses accept that system, we can expand its coverage to buses immediately. The main point is that we want to establish a system for any purchase or sales operations without any cash involved,” he continued.
Debit card holders can already upgrade to “contactless card” and it will be available for credit card holders by the end of November.
“Card services have become more popular now. Due to technology weaknesses, there are some inconveniences but we believe in the prospects of Myanmar.
“I believe that the financial sector payment system in Myanmar will be greatly developed in the future,” Arturo Planell from Visa said.
Contactless payment system is a full-security service already used in many countries around the world.
Source: Myanmar Times