Atm Myanmarbreath Myanmar
Automated teller machines and barrier-freedom
This is my first trip to Myanmar and according to the Government of Canada's website there are no international ATMs in Myanmar, so you will need to carry money (see below): It is denominated in Kyoto (MMK). The US dollar is widely adopted, but only new and intact banknotes are acceptable.
As a rule, other languages are not acceptable. FX certificates (FECs) with the same face value as the US dollars are denominated by the Myanmar authorities. The FEC can be redeemed for MMCs or used instead of money to buy goods and provide a service, where it is the acceptable method of paying, although such places are becoming less and less common.
Yangon has some government bureaux of exchange, one of them at Yangon International Airport. It' against the law to change money in unauthorised places. No FECs or MMCs can be translated into another language. Exactly how does that work, since I can hardly believe that there are no international networked ATMs?
Manufacturers of ATMs watching the Myanmar markets
ATM manufacturers are caught in a competition for Myanmar's shares, where more than 90 per cent of the local people have no bank account. NCR Corporation, which is quoted in the USA, is one, Diebold Nixdorf, a fusion between the US company Diebold and the German company Windcor Nixdorf, another. Myanmar has the smallest proportion of 33 cash machines per million inhabitants of all ASEAN nations, with less than 2,000 there.
In Myanmar, too, the two firms go hand in hand when municipal bankers focus on growth and integration. Many therefore also want cash machines that help them not only to increase the number of accountholders, but also to cut expenses. By installing smarter cash dispensers in low-cost sites across the nation, there is no need for them to install physically located branch offices or newsstands.
Use NCR ATM machines, which allow NCR accountholders to both make withdrawals and deposits of large amounts of money. We have enough smart automated teller machines to upgrade each customer's ATM balance and identify fake banknotes," said Tom Cheong, Head, Channels (Asia Pacific) at NCR.
This means that there is no need for them to establish nationwide branch offices, enabling them to cut facility and personnel outlay. This also increases productiveness and effectiveness, as there is no longer a need to keep cash machines running. Also Diebold Nixdorf expands. That year, it concluded a deal with CBank to extend the bank's self-service offering beyond Yangon.
This order included 500 new automated teller machine systems, expanding CB Bank's current ATM system to 1,000. Recently Diebold Nixdorf also recently set up two new automatic teller exchanges for CB' banks, one of them in the Sule Shangri-La Hotel. But CB will be the first to have these terminals in all of our hotel and airport and will be less dependent on coin change over time," says Piers Leach, Diebold Nixdorf's CoC.
We' re aimed at travellers and visitors who can get currency and currency at our ATM without having to go to the ATM or a change machine," said Mr Leach. "We' re setting up new ATM machines that can handle large amounts of ATMs and are equipped with video-enabled support to help clients when they need help," Mr Cheong said.
Overall, NCR is claiming to have 1,200 cash dispensers in place across the nation by the end of the year since it first arrived in Myanmar in 2012. Since 2011 Diebold Nixdorf has invested 2,000 cash dispensers in the state. Kanbawza Bank, Ayeyarwady Bank, Yoma Bank, CB Bank and some of the state institutions are among its major customers.
Whilst large sections of the general public have not yet signed up for a banking relationship, things are developing rapidly. "We' re already discussing with CB Banka about ATM machines that allow people to get money via QR code on their mobile phone or biometrical thumbprints without the need for an ATM car. In the near term, you can also open a banking accout and settle invoices at an ATM," Leach said.
NCR is also in the midst of offering its banking customers a range of cloud-based ATM products and processes. "We' re going from the provision of ATM hard- and softwares to ATM subscription banking such as using telephones to get to your ATM instead of cards," Mr Cheong said.
In particular, there is fierce banking and ATM aggressiveness, while increased competitive pressure in the field of MFAs.