Yangon, Myanmar: Private Banks in Myanmar are starting to implement more ATM systems in Yangon and people are now getting more and more used to getting cash, especially when travelling from ATMs. According to the report from Weekly Eleven News Journal, banks in Myanmar will try to install cash deposit machines and passbook update machines together with the already installed ATM machines inYangon.
“We get overwhelming response from the people. The number of current ATM card users is much more than we had expected. People can now start using ATM cards in popular shopping centres. Moreover, we will try to install cash deposit machine and passbook update machines in a short time. It is meant for those who have difficulties to come to the bank just to add money to their savings. We will accept cash at those machines regardless of the amount so that people will have more convenience even it is for meagre sum. Currently we have about 10,000 ATM card users,” told by vice chairman of KBZ Bank, U Than Lwin.
Managing Director from CB Bank, U Phae Myint, also explained about their future plan: “We have about 4,700 ATM card users inYangon. Soon, people can start using ATM machines in Junction 8 shopping mall. We will roll out more machines in more public places. After we have installed ATM machines in crowded areas, we will also try to install machines for the cash deposit and passbook updates. In overseas countries, it can be done with one machine, like the one we are using for ATM, but for us, that all-in-one machine is expensive so that we will install three separate machines for the ATM, cash deposit and passbook updates. We will start to install those two extra machines according to the feedback from the user, even though we haven’t permitted people to use them yet”.
Due to some unconfirmed sources from the banks, there are some misunderstandings between the private banks in Myanmar and the shopping centre owners concerning with the location to install ATM machines. One of the officials from CB Banks told that because of the locations and lack of support within the networks they could not install more ATM machines as they had wanted to. Money allowed to be withdrawn from ATM machine varies from bank to bank. At KBZ, it is allowed to withdraw up to 1,000,000 Kyats ($1,220 USD) while it is maximum 600,000 Kyats ($730 USD) at CB Banks.
