MPU cards, Visa and MasterCard credit cards to be enabled under YPS

Bank account holders will be able to use their ATM cards as prepaid cards under the Yangon Payment Services (YPS) scheme, said Yangon Chief Minister U Phyo Min Thein.

The Yangon Regional Government is currently in the process of awarding the contract to implement YPS to one of two companies: Anypay Payment Services or Asia Starmar Transport Intelligent Co

After it decides on the right company for the job, preparations will be made for ATM and credit cards issued by the 23 local banks to be enabled under YPS, which is envisaged to be a single card payments system in Yangon.

The aim is to enable card holders to use a single card for all cash transactions, including taking public transport and making payments in restaurants and supermarkets as well as withdrawing cash at the ATM.

“Existing cards, including ATM cards under the Myanmar Payment Union (MPU) and Visa and MasterCard credit cards, will be enabled under YPS,” U Phyo Min Thein told The Myanmar Times at a press conference last week.

The regional government on April 21 also announced that Excel KC Myanmar, the original tender winner, will no longer be eligible to build and implement YPS in Yangon.

After discussing terms of the contract, the government said Excel KC Myanmar did not have the necessary qualifications to implement the YPS system and that the company’s status as tender winner for the project has been revoked. Excel KC Myanmar had won the tender for YPS on January 10.

U Phyo Min Thein said fees would be involved when using MPU cards or credit cards under YPS.

“To launch this system, we will need an appropriate fee rate which is convenient and affordable for all. So, we decided to award the contract to a separate company that is able to implement the system with the right fee,” the Chief Minister said.

Source : Myanmar Times

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