MasterCard now available for ATM transaction
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People will now be able to withdraw money using international MasterCard payment cards at ATMs of a leading local commercial bank in Myanmar.
MasterCard Wordwide and Co-operative Bank (CB Bank) announced on November 15 that the first ATM transaction was successfully made using a MasterCard card at CB Bank headquarters in Yangon on the same day.
“This is indeed a historic milestone for our country. We are very glad to be able to contribute to Myanmar economic development," Kyaw Lynn, CB Bank vice chairman and chief executive officer, said in a statement.
Myanmar's first ATM was installed at the same location in November 2011. The bank has now 36 ATMs across the country, including at Yangon International Airport.
“Starting from today, there may be many developments in the tourism industry,” CB Bank managing director Pe Myint said, adding that tourist arrival number was low due to the disadvantage of carrying cash around.
MasterCard, Maestro and Cirrus card users, including foreign travellers, can withdraw money in kyat three times a day, up to 300,000 kyats (Bt10,800) per withdrawal. The users will be charged a 5,000-kyat service fee for each withdrawal, said Pe Myint.
