|[November 15, 2012]
MasterCard Marks Another 'First' in Myanmar with First ATM Transaction Using a MasterCard Card
SINGAPORE --(Business Wire)--
The first ATM installed in Myanmar became the first to accept an
international payments card as announced by Co-operative Bank Ltd (CB
Bank) and MasterCard
The transaction was made using a MasterCard (News - Alert) card at the headquarters of
CB Bank on the corner of 23rd Street and Strand Road in Yangon.
Myanmar's first ATM was installed at the same location in November 2011.
This comes hot on the heels of the September
announcement which saw MasterCard Worldwide become the
first international payments network to issue a license to a Myanmar
bank, paving the way for branded cards to be issued and accepted in the
country for the first time.
Tourists and business travelers with an international MasterCard,
Maestro or Cirrus card will now be able to withdraw money, and in the
local currency or 'kyat', for the first time at 36 CB Bank ATMs around
Myanmar, including Yangon International Airport. CB Bank is one of the
most established commercial banks in Myanmar, with the largest ATM
network in the country.
Mr. Kyaw Lynn, Executive Chairman and CEO, CB
Bank said: "This is a very important step forward for our country.
This coincides with CB Bank's 20th anniversary of
establishment. This is indeed a historic milestone for our country, CB
Bank and MasterCard. We are very glad to be ble to contribute to the
economic development of Myanmar by pioneering the move to a global
electronic payments system."
Mr. Kyaw Lynn added: "Enabling the first international transaction, at
CB Bank's ATM, opens up opportunities for business, retail and tourism
for our country. The hotel and tourism industry will especially benefit
from this service. We are expecting a large influx of foreign visitors
during the South East Asia Games (SEA Games) scheduled in December,
2013. The ability to use MasterCard at Point-of-Sales (POS) terminals is
expected to be available within four months. Myanmar citizens traveling
overseas can also expect to be able to use MasterCard within a year from
Mr. Pe Myint, Managing Director, CB Bank, added: "The promise of a more
connected future through electronic payments will have an equally huge
impact on business and the development of country. MasterCard, Maestro
and Cirrus cardholders will no longer have to worry about running out of
cash when visiting this Golden Land."
Mr. Antonio Corró, country manager & chief representative, Indochina,
MasterCard Worldwide, said the acceptance of international payments
cards by Co-Operative Bank Limited ATMs would benefit Myanmar's growing
business and tourism sectors.
"With Myanmar's economy showing promising signs of growth and with more
tourists and business travelers visiting the country, it is important
that the appropriate payments channels are developed to cater to that
demand," Mr. Corró added.
"This marks the first time an international payment card is being used
at an ATM in Myanmar, which is a historic moment and a huge step for
MasterCard in this market. The next step is to develop and support the
existing infrastructure and further electronic payments acceptance to
accommodate the growth of the business and tourism sectors in Myanmar,"
Mr. Corró concluded.
Note to Editors:
The license agreement with Co-Operative Bank Limited enables merchants
in Myanmar to accept MasterCard payment cards, giving them access to
commerce and the ability to participate in the open, global payments
system that MasterCard enables. Merchants will also benefit from being
part of a network of thousands of issuing and acquiring financial
institutions and their suppliers and partners.
Research by the Economist Intelligence Unit (EIU)1 earlier
this year forecasted that Myanmar's economy would expand by 5.2
percent in 2012-13. International air arrivals2 alone
jumped by 63% between 2009 and 2010, and a further 32% between 2010
and 2011, more than doubling from 100,439 in 2009 to 216,861 in 2011.
About MasterCard Worldwide
(NYSE: MA), www.mastercard.com,
is a global payments and technology company. It operates the world's
fastest payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than 210
countries and territories. MasterCard's products and solutions make
everyday commerce activities - such as shopping, traveling, running a
business and managing finances - easier, more secure and more efficient
for everyone. Follow us on Twitter (News - Alert) @MasterCardNews,
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1 EIU report 'Myanmar: White Elephant or New Tiger
2 Data from Myanmar Statistical Organisation
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