A ceremony to sign Yangon Payment Service Co Ltd (YPS) owned by Yangon Region Government and Asia Starmar Transport Intelligent Co Ltd was held at Yangon Region government office on March 12, with an address by Yangon Region Chief Minister Phyo Min Thein.
Officials from Yangon Payment Service Co Ltd (YPS) and Asia Starmar Transport Intelligent Co Ltd signed the master agreement.
Thura Lwin, Chair of Asia Starmar Transport Intelligent Co Ltd spoke words of thanks.
At the two-year anniversary of the Yangon Bus Service (YBS) held in Sky Star Hotel on January 16, Yangon Region Chief Minister Phyo Min Thein said the card payment system would be implemented within nine months after the region government had signed the contract with the tender-winning company.
Necessary equipment for the card payment system will be installed on more than 4,000 buses within nine months after the master agreement has been signed. As a first step, equipment will be installed on 2,000 buses within six months.
The card payment system has got the nod from the Central Bank of Myanmar. It has been submitted to the Myanmar Investment Commission (MIC). Currently, all processes have completed. The project can start after getting the permit from the MIC, the chief minister said.
The card payment system will be similar to that in China, Singapore, Hong Kong and London. Now, a total of 17 public companies are operating the YBS.