China UnionPay International (UPI) has joined forces with Myanmar's Cooperative Bank to introduce a new card service in the Southeast Asia country. Analysts say the EASi Travel UnionPay card will help Myanmar residents make domestic and international payments.
The card is being introduced as an increasing number of travellers from Myanmar go abroad for business and holidays. The travellers will now be able to deposit their own money in the EASi TRAVEL UnionPay Card and then withdraw directly exchanged foreign currencies in the more than 140 countries and regions where the card is accepted.
The card issuers say the new service will greatly facilitate Myanmar's outbound travel and save travellers from having to make currency exchanges.
In the past, people from Myanmar could only make payments in cash. And one had to exchange the local currency into the dollar before going overseas. That's very inconvenient. Now we can withdraw money from ATM machines without having to carry too much cash.
The card service is also available to foreigners in Myanmar. The country introduced Master Card and Visa cards in late 2012 as part of its effort to modernize its antiquated banking system and largely cash-based economy.
