MasterCard Worldwide 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.
source: Eleven Myanmar
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