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TheStreet Open House

MasterCard Marks Another ‘First’ In Myanmar With First ATM Transaction Using A MasterCard Card

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 Worldwide today.

The transaction was made using a MasterCard 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 20 th anniversary of establishment. This is indeed a historic milestone for our country, CB Bank and MasterCard. We are very glad to be able 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 now.”

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