To further encourage Myanmar to go cashless, Myanmar Citizens Bank (MCB) and Singapore-headquartered payments provider 2C2P recently launched a reloadable prepaid called the Citizen Card.
Cardholders of the Citizen Card will be able to enjoy special benefits from MasterCard's online and offline merchant partners in Myanmar as well as overseas. "Consumers can enjoy special benefits and privileges at destinations such as Thailand and Singapore, which have a number of partner merchants in the airline, food and beverage and hospitality sectors," said Aung Kyaw Moe, 2C2P's CEO.
McKinsey & Co predicts that Myanmar's economy will increase from US$45 billion to over US$200 billion by 2030, with per capita gross domestic product (GDP) rising from US$1,300 in 2010 to US$5,100 by 2030. U Myint Win, MCB's managing director, believes that efforts such as the Citizen Card will "help support the imminent growth in Myanmar e-commerce."
Currently limited to 5,000 units, the Citizen Card can be obtained at any MCB branch in Myanmar or by filling out an online form on the bank's website. The card comes with an optional smartphone application that allows cardholders to manage transactions in real-time.