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MPU to Implement ATM Cash Transfer by Early 2018

According to Myanmar Payment Union (MPU), card holders will soon be able to transfer money to each other through any ATMs regardless of bank it belongs to.

MPU officials claimed that the service will launch as early as January as at least 90 percent of the service have been completed.

However, not all banks have signed up with MPU yet despite clear push towards mobile banking by most banks in Myanmar.

MPU have been closely collaborating with the Central Bank in order to heighten technological advancements in the financial sector as part of Myanmar’s baby steps towards a widely used cashless system.

According to MPU’s data, there currently are around 3.5 million Debit Cards, 60,000 Credit Cards and over 80,000 Co-Brand cards.

Mobile Banking is steadily gaining popularity all across Myanmar but most services are still limited to card holders subscribed to the same bank.

 

Source: Eleven Myanmar

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