MasterCard’s cash withdrawal service will soon become available at the automated-teller machines (ATMs) of two more local banks besides its existing partner Cooperative Bank in Myanmar, according to the press release.
MasterCard Worlwide has made the agreements with Kanbawza Bank, a leading local bank, and United Amara Bank to provide the service for the foreigners and tourists in Myanmar who wants access their money at home country’s banks.
MasterCard Worldwide allowed Cooperative Bank to offer Master Card service in Myanmar last September. The service was launched on November 15.
Between less than four months of its launch, foreigners have used the card to withdraw over US$1.7 million, prompting it to expand its services.
On March 1, MasterCard started to offer service at certain point- of-sale machines. There are eight machines on use now and 13 more have also been arranged to install at hotels. By the end of this year, MasterCard plans to have more than 500 point-of-sale terminals in restaurants, hotels and retail outlets. They allow card holders to withdraw both US and Myanmar currencies.
MasterCard has joined hands with three local banks, rather than joining the Myanmar Payment Union or a network of local banks in Myanmar.