The lender manages one of the largest branch networks in the country and operates 55 ATMs in Yangon, Mandalay and Shan at supermarkets, airports, restaurants, hotels and shopping centers.
With the ATM acceptance agreement with KBZ Bank, MasterCard and Maestro/Cirrus cards acceptance have increased to a total of 140 active ATM’s in Myanmar.
MasterCard Thailand and Myanmar country manager Antonio Corro said that the increased ATM acceptance would help facilitate the process of financial inclusion for a nation that mostly relies on cash transactions.
The US company is gradually reinforcing its presence in the country by creating its payments infrastructure, its capability, and facilitating financial inclusion.
In September 2012, MasterCard became the first international payments network to issue a license to a Myanmar bank, in a bid to prepare the way for international payment cards acceptance in the country.
MasterCard and Co-operative Bank (CB Bank) have joined hands in November 2012 to introduce the first ATM transaction at one of the bank’s Yangon ATMs.
After the launch of Point-of-Sale (POS) terminals in April with CB Bank, it is believed that over 500 restaurants, retail outlets and hotels in Myanmar will be accepting credit cards by the end of 2013.
Currently, there are five MasterCard member banks in Myanmar including Co-Operative Bank, Kanbawza Bank, United Amara Bank, Myanma Apex Bank, and, Myanmar Citizens Bank.
