Home MMBIZ News MasterCard Ups ATM Acceptance in Myanmar

MasterCard Ups ATM Acceptance in Myanmar

One of the newest MasterCard licensees in Myanmar, Asia Green Development (AGD) Bank, has begun accepting MasterCard payments cards for cash withdrawals at its ATMs throughout the country, the US payment network giant said.
With AGD Bank ATM acceptance, the number of active ATM’s in Myanmar that accept MasterCard and Maestro/Cirrus cards now stands at over 275 ATMs, MasterCard said.
“We are … ready to accept MasterCard and Maestro/Cirrus cards for ATM cash withdrawals despite being licensed a little over two months ago,” Than Ye, chairman of AGD Bank, said.
MasterCard was the first international payments network to issue a license to a Myanmar bank in September last year, paving the way for international payment cards to be accepted in the country for the first time. Last month, MasterCard launched the first prepaid card for Myanmar residents to use outside the country.
“While the economy of Myanmar is almost 100 percent 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,” said 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, MasterCard said.
As of 13 November, MasterCard has nine partners in Myanmar – eight financial institutions and one finance company – Co-Operative Bank, Kanbawza Bank, United Amara Bank, Myanma Apex Bank, Myanmar Citizens Bank, Myanmar Oriental Bank, Ayeyarwady Bank Ltd, AGD Bank, and Ryuji Finance Co Ltd.
Nay Pyi Taw-headquartered AGD Bank has 34 branches and operates 69 ATMs across Myanmar.

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