Myanmar Payment Union
What is MPU?
Myanmar's economy is mostly cash-based. The first ATM cards were introduced in 1995, and credit cards were issued by private banks. However, after the financial crisis in Myanmar in 2003, private banks stopped issuing credit cards. After the reopening of Myanmar's economy in 2010, the banking and payment system changes are an important reform of the financial industry.
The first priority is to convert the local cash-based payment system to an electronic payment system. The main purpose of forming the MPU is to act as a National Payment Switch (NPS) for all of Myanmar. To transition to cashless payment by cooperating in payment activities through electronic network among member banks and to connect with the international payment network in the future.
Conversion to public company
In July 2015, the MPU organization changed to a public company, and now there are (30) member banks. Among of 30 banks, 21 banks have issued debit cards and are installing ATMs and POS machines in the market.
In early 2013, they signed an agreement to use UPI (UnionPay) cards issued by national banks and cooperate with UPI (UnionPay International) for acquiring activities. In mid-2013, they partnered with JCB (Japanese Credit Beareau) to accept the use of their cards on their MPU network. In 2015, MPU partnered with organizations to issue co-brand cards that can be used in domestic and foreign countries.