MasterCard Marks Another ‘First’ in Myanmar with First ATM Transaction Using a MasterCard Card

  MasterCard Marks Another ‘First’ in Myanmar with First ATM Transaction Using
  a MasterCard Card

36 CB Bank ATMs in Myanmar including Yangon International Airport will Enable
 International Visitors to Withdraw in Local Currency in a Boost to Country’s
                            Growing Tourism Sector

   Tweet this: NEWS: First int'l #ATMtransaction in #Myanmar is #MasterCard
                             http://bit.ly/STIS9F

Business Wire

SINGAPORE -- November 15, 2012

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 23rdStreet 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.”

Mr. Pe Myint, Managing Director, CB Bank, added: “The promise of a more
connected future through electronic payments will have an equally huge impact
on business and the development of country. MasterCard, Maestro and Cirrus
cardholders will no longer have to worry about running out of cash when
visiting this Golden Land.”

Mr. Antonio Corró, country manager & chief representative, Indochina,
MasterCard Worldwide, said the acceptance of international payments cards by
Co-Operative Bank Limited ATMs would benefit Myanmar’s growing business and
tourism sectors.

“With Myanmar’s economy showing promising signs of growth and with more
tourists and business travelers visiting the country, it is important that the
appropriate payments channels are developed to cater to that demand,” Mr.
Corró added.

“This marks the first time an international payment card is being used at an
ATM in Myanmar, which is a historic moment and a huge step for MasterCard in
this market. The next step is to develop and support the existing
infrastructure and further electronic payments acceptance to accommodate the
growth of the business and tourism sectors in Myanmar,” Mr. Corró concluded.

Note to Editors:

  *The license agreement with Co-Operative Bank Limited enables merchants in
    Myanmar to accept MasterCard payment cards, giving them access to commerce
    and the ability to participate in the open, global payments system that
    MasterCard enables. Merchants will also benefit from being part of a
    network of thousands of issuing and acquiring financial institutions and
    their suppliers and partners.
  *Research by the Economist Intelligence Unit (EIU)^1 earlier this year
    forecasted that Myanmar’s economy would expand by 5.2 percent in 2012-13.
    International air arrivals^2 alone jumped by 63% between 2009 and 2010,
    and a further 32% between 2010 and 2011, more than doubling from 100,439
    in 2009 to 216,861 in 2011.

About MasterCard Worldwide

MasterCard (NYSE: MA), www.mastercard.com,  is a global payments and
technology company. It operates the world’s fastest payments processing
network, connecting consumers, financial institutions, merchants, governments
and businesses in more than 210 countries and territories. MasterCard’s
products and solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on Twitter @MasterCardNews, join the
conversation on Cashless Conversations Blog and subscribe for the latest news.

^1 EIU report ‘Myanmar: White Elephant or New Tiger Economy?’

^2 Data from Myanmar Statistical Organisation

Contact:

MasterCard Worldwide
Georgette Tan, +65 6390 5971
georgette_tan@mastercard.com
or
Weber Shandwick
Robert O’Brien, +65 6825 8064
robrien@webershandwick.com
 
Press spacebar to pause and continue. Press esc to stop.