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Published on Friday, 16 November 2012 16:13
People will now be able to withdraw money using international MasterCard payment cards at ATMs of a leading local commercial bank in Myanmar.
MasterCard Wordwide and Co-operative Bank Ltd. (CB Bank) announced on November 15 that the first ATM transaction was successfully made using a MasterCard card at CB Bank headquarters in Yangon on the same day.
“This is indeed a historic milestone for our country. We are very glad to be able to contribute to Myanmar economic development," Kyaw Lynn, CB Bank vice chairman and chief executive officer, said in a statement.
Myanmar's first ATM was installed at the same location in November 2011. The bank has now 36 ATMs across the country, including at Yangon International Airport.
“Starting from today, there may be many developments in the tourism industry,” CB Bank managing director Pe Myint said, adding that tourist arrival number was low due to the disadvantage of carrying cash around.
MasterCard, Maestro and Cirrus card users, including foreign travellers, can withdraw money in kyat three times a day, up to 300,000 kyats (US$353) per withdrawal. The users will be charged 5,000 kyats ($6) service fee for each withdrawal, said Pe Myint.
MasterCard granted the license to CB Bank in September to start using its payment cards in the country.
US-based Visa Inc. also signed a licensing agreement with Kanbawza Bank, Myanmar Oriental Bank and CB Bank on November 3 to officially launch its credit card services in Myanmar.