YANGON, Jan. 17 (Xinhua) -- Myanmar will introduce bus-fare card payment system in Yangon transport services in February, the official Global New Light of Myanmar reported Wednesday.

The card payment system called Yangon Payment Service-YPS will be installed on Yangon Bus Service (YBS) buses under the management of the tender-winning Excel KC Myanmar Co. Ltd.

To operate card issuing, acquiring and cards top-up agent services, local and foreign joint-venture companies were invited to bid for the tenders by The Yangon Region Transport Authority (YRTA) last year.

According to the statistics from YRTA, about 5,300 buses, out of 530,000 automobiles, are registered in Yangon region so far.