Below is an excerpt from a Wall Street Journal article featuring yet another step in Burma's development.
Myanmar inched closer to rejoining the global financial system Thursday as MasterCard Inc. said it had issued a license to one of the country's target banks.
For a country that has no credit cards and only introduced ATMs less than a year ago, the introduction of the ubiquitous financial brand is a milestone. By giving travelers the ability to withdraw money at cash points and allowing merchants to accept credit cards issued by foreign banks, it will potentially save business people and tourists from having to carry thousands of dollars in local currency on trips to the country, as many do now.
For financial firms, infrastructure concerns remain, particularly around the availability of a reliable flow of electricity, which is crucial for running ATMs and point-of-sale terminals.
