Dec 2, 2013

MasterCard Acceptance for Myanmar

One of the leading national banks and newest MasterCard licensee in Myanmar, Asia Green Development Bank Limited, is now accepting MasterCard payments cards for cash withdrawals at its ATMs throughout the country.

The move is timely given the upcoming 27th Southeast Asian Games (SEA Games) which will be held in Naypyidaw, Myanmar’s capital, from 11 to 22 December 2013.

AGDBank, which is also headquartered in Naypyidaw, has 34 branches and operates 69 ATMs across the country in states such as Yangon, Naypyidaw and Mandalay.

With AGDBank ATM acceptance, this brings the number of active ATM's in Myanmar that accept MasterCard and Maestro/Cirrus cards to over 275 ATMs.

“We are certainly pleased to announce that AGDBank is ready to accept MasterCard and Maestro/Cirrus cards for ATM cash withdrawals despite being licensed a little over two months ago. Our team of staff has been working tirelessly and very closely with MasterCard to ensure that the ATM acceptance is smooth and compliant with MasterCard’s stringent requirements,” said Mr. Than Ye, Chairman of AGDBank.

MasterCard first issued a license to a Myanmar bank in September last year, and just last month, the country witnessed the launch of its first prepaid card in the country, made available to Myanmar residents for when they travel outside of the country.

“While the economy of Myanmar is almost 100% cash-driven, we are seeing changes happen almost every single day, and each one is a step in the right direction towards driving financial inclusion, reducing the usage of cash, and ultimately driving e-commerce and mobile payments usage. This is possible given the many capable bank partners that we work with, including AGDBank,” said Mr. Antonio Corro, country manager, Thailand and Myanmar, MasterCard.

MasterCard is already accepted for payments at more than 500 restaurants, retail outlets and hotels in Myanmar, ahead of the expected year-end target as reported earlier this year, following the rollout of Point-of-Sale (POS) terminals in March.

As of 13 November 2013, MasterCard has nine partners in Myanmar (eight Financial Institutions & one Finance Company): Co-Operative Bank Ltd; Kanbawza Bank Ltd; United Amara Bank Ltd; Myanma Apex Bank Ltd; Myanmar Citizens Bank Ltd; Myanmar Oriental Bank Ltd; Ayeyarwady Bank Ltd; Asia Green Development Bank Ltd; and Ryuji Finance Company Ltd. 

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