Banking customers in the reclusive state of Myanmar reportedly have come out strongly in favor of ATMs, which did not exist in the country until recently.
Banks in the country generally do not deploy ATMs, but some private banks began doing so Nov. 1, according to a local news report in Myanmar Times.
In all, banks that include Kanbawza Bank Ltd. and Co-operative Bank Ltd. opened 15 ATMs. The machines are available only to their own accountholders, and both banks reported getting 100 new customers daily since deploying machines, the Myanmar Times report said.
No central ATM switch exists in the country to connect the banks’ ATMs, but the Central Bank of Myanmar plans to complete a system switch called the Myanmar Payment Union by March, according to the article.
Both banks’ ATMs support only cash withdrawals and balance inquires, but the institutions soon plan to upgrade the machines to offer other services such as cash deposits.
No PIN-based point-of-sale debit payment card infrastructure exists in Myanmar, but the central bank plans to establish a payment system similar Australia’s EFTPOS infrastructure, according to the article.
PaymentsSource was unable to contact representative from the banks.
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