Myanmar to get international ATMs

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New ways of electronic banking and internationally linked ATMs aim to decrease the cash piles in Myanmar’s banks and businesses.

Cash-dominated Myanmar is taking a huge step toward modern financial integration now that credit card company Visa has begun training employees of local banks in preparation for the establishment of a new electronic banking system.

The financial-services multinational is preparing to install an electronic payment system and international ATMs, expected within the upcoming months.

The full introduction of the international ATMs, however, will be face challenges due to poor infrastructure, the Wall Street Journal reported.

Last November, ATMs were reinstalled after a long hiatus created by crippling economic sanctions imposed by the West led to a banking sector collapse. Only those who hold accounts at select local banks can use ATMs currently in operation.

Visa’s entry into Myanmar comes an opportune moment for the country, which is projected to receive an inundation of visitors to match heightened world interest.

At the moment, visitors to Myanmar must budget their entire trip out by bundling wads of clean foreign currency. Exchange officers follow strict guidelines with transactions: Creased, stained or wrinkled bills are regularly denied.

Transit infrastructure and hotels are already pushing capacity in Yangon, and the trend is expected to continue into next year when Myanmar hosts the Southeast Asian Games in Naypyidaw and holds the region’s World Economic Forum meeting.

This September, Myanmar consumers will be able to use a Myanmar Payment Union (MPU) debit card to withdraw money and make electronic transactions, reported Mizzima, a local online news source.

The cards are currently in use by several banks but not yet widely available to the general public.

Sixteen banks are participating in the MPU programme, which will incorporate the reset of the nation’s private banks after trail runs are completed.

 

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Reading Time: 2 minutes

New ways of electronic banking and internationally linked ATMs aim to decrease the cash piles in Myanmar’s banks and businesses.

Cash-dominated Myanmar is taking a huge step toward modern financial integration now that credit card company Visa has begun training employees of local banks in preparation for the establishment of a new electronic banking system.

Reading Time: 2 minutes

New ways of electronic banking and internationally linked ATMs aim to decrease the cash piles in Myanmar’s banks and businesses.

Cash-dominated Myanmar is taking a huge step toward modern financial integration now that credit card company Visa has begun training employees of local banks in preparation for the establishment of a new electronic banking system.

The financial-services multinational is preparing to install an electronic payment system and international ATMs, expected within the upcoming months.

The full introduction of the international ATMs, however, will be face challenges due to poor infrastructure, the Wall Street Journal reported.

Last November, ATMs were reinstalled after a long hiatus created by crippling economic sanctions imposed by the West led to a banking sector collapse. Only those who hold accounts at select local banks can use ATMs currently in operation.

Visa’s entry into Myanmar comes an opportune moment for the country, which is projected to receive an inundation of visitors to match heightened world interest.

At the moment, visitors to Myanmar must budget their entire trip out by bundling wads of clean foreign currency. Exchange officers follow strict guidelines with transactions: Creased, stained or wrinkled bills are regularly denied.

Transit infrastructure and hotels are already pushing capacity in Yangon, and the trend is expected to continue into next year when Myanmar hosts the Southeast Asian Games in Naypyidaw and holds the region’s World Economic Forum meeting.

This September, Myanmar consumers will be able to use a Myanmar Payment Union (MPU) debit card to withdraw money and make electronic transactions, reported Mizzima, a local online news source.

The cards are currently in use by several banks but not yet widely available to the general public.

Sixteen banks are participating in the MPU programme, which will incorporate the reset of the nation’s private banks after trail runs are completed.

 

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