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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First Prepaid Travel Card in Myanmar To Be Launched By MasterCard and CB Bank

MasterCard and CB Bank have launched their first payment product in the country – a prepaid travel card for locals called the CB Bank EASI Travel Prepaid MasterCard card.

The reloadable prepaid card will be made available to Myanmar residents for when they travel outside of the country. It is the first such card product to be launched in Myanmar and is yet another stage in the evolution of the electronic payments ecosystem.

MasterCard has been working very closely to enable CB Bank (which it licensed in September last year) to roll out its very first prepaid MasterCard card. CB Bank is already certified and has undergone full system testing as part of its efforts to be connected to the global payments network.

Mr. Kyaw Lynn, Executive Vice Chairman and CEO of CB Bank said, “CB Bank continues to be first in the electronic payments sector in Myanmar and we are pleased to be able to collaborate with MasterCard to launch this travel prepaid card. Just as our country is opening up to the world, at the same time, the world is opening up to our countrymen and we’re seeing more and more locals travel abroad. We are so glad to introduce this travel prepaid MasterCard card to help make their travels safe and hassle-free without the worries of carrying large amounts of cash.”

 Matthew Driver, president, Southeast Asia, MasterCard, added, “Part of the allure of operating in such a frontier market is in seeing the vital steps of financial inclusion play out: a vast majority of people in Myanmar remain unbanked and don’t have access to financial services. But the payments infrastructure is rapidly developing – from the rollout of ATMs, point-of-sale terminals, and now the introduction of prepaid cards. This presents an alternative option for the growing number of locals who’ve had to carry wads of cash when they leave the country for business or leisure travel. It offers them a safe and secure payment method while abroad.”

Overall consumer optimism is at an extreme high in Myanmar (96.0 Index points according to the latest MasterCard Index  of Consumer Confidence). According to the MasterCard survey of Consumer Purchasing Priorities, nearly two-thirds of people who have traveled abroad intend to do so again within the next 12 months, making the introduction of a prepaid travel card timely for the market.

“Part of our financial inclusion strategy in Myanmar is to educate the local population about the value of electronic payments – we would like to help them understand the benefits of doing away with cash,” Driver added.

The launch of a new prepaid card marks another vital step forward in the country’s reform of its banking and financial system. MasterCard was one of the first international payments networks to issue a license to a Myanmar bank in September last year, paving the way international payment cards to be accepted in the country for the first time. In November, MasterCard and Co-operative Bank Ltd (CB Bank) teamed up to launch the first ATM transaction at one of the bank’s Yangon ATMs.

It is expected that more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting payment cards by the end of the year, following the rollout of Point-of-Sale (POS) terminals in March this year with CB Bank.

Visit us at http://www.threeland.com/ to get further information about traveling around the world and Vietnam holidays; to have access to the best travel services and to meet our professional consultants who're always available for help. For any inquiry please contact us.

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