CB Bank in Myanmar rolls out cardless cash withdrawal and P2P payment services
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Recently, Diebold Nixdorf helped CB Bank migrate all its ATMs to more secure EMV chip card technology and obtain EMV certification with both VISA and MasterCard. EMV is a technical standard for smart payment cards introduced by Europay, Mastercard and VISA.
Diebold Nixdorf is also assisting CB Bank with the implementation of cardless cash withdrawals at ATMs. The solution allows bank customers to use their mobile devices to generate a one-time PIN to activate a withdrawal at an ATM either for themselves or for a third party without requiring a bankcard. The technology provides an innovative person-to-person payment service to consumers especially in developing markets, and underscores Diebold Nixdorf’s commitment to drive connected commerce and help bridge the digital and physical worlds.
“Diebold Nixdorf was awarded the contract due to its superior product quality, flexible software and ability to offer field service for both hardware and software within the country,” said U Kyaw Lynn, CEO and Executive Vice Chairman, at CB Bank. “With the help of their advanced technology and services provided, we aim to become one of Myanmar’s top banks offering secure, innovative and convenient cash services across our branch, online and mobile channels.”
Diebold Nixdorf’s Myanmar partner, Kaytumadi iSolutions, will localize product features and begin installing the new systems at the start of next year. The rollout is scheduled for completion by the end of 2017.
“Diebold Nixdorf will service the entire 1,000-strong fleet of advanced cash systems in CB Bank’s network of 180 branches.”
Diebold Nixdorf will service the entire 1,000-strong fleet of advanced cash systems in CB Bank’s network of 180 branches.
“Together with our local partner, we are enabling CB Bank to extend the reach of its self-service offerings and win a greater share of Myanmar’s growing market for cash services,” said Neil Emerson, Senior Vice President & Managing Director, Asia Pacific, at Diebold Nixdorf.
Demand for cash is strong in Myanmar. Cash is the main mode of payment in the southeastern Asia country of more than 53 million people. Competition to provide cash services is also fierce. CB Bank already operates one of the largest ATM networks in the country and aims to expand its market position even further by doubling the number of terminals in its self-service network.
CB Bank benefits from its IT partner’s wealth of local experience in Myanmar. Diebold Nixdorf, which has been delivering solutions to CB Bank since 2012, is a major supplier of cash-handling technology and services to all major banks in the country and across the Asia-Pacific region.
Questions & Answers
Q.What new services will CB Bank be offering through this expansion?
What new services will CB Bank be offering through this expansion?
CB Bank will be rolling out cardless cash withdrawal and person-to-person (P2P) payment services. Customers can use their mobile devices to generate a one-time PIN for withdrawals, either for themselves or a third party, without needing a bank card.
Q.How will the bank's ATM network change as a result of this contract?
How will the bank's ATM network change as a result of this contract?
CB Bank will add 500 new ATMs and cash recyclers to its existing network, doubling its terminals to 1,000. These new systems will extend its self-service cash offerings beyond Yangon and across its 180 branches.
Q.When are the new systems expected to be fully operational?
When are the new systems expected to be fully operational?
Installation of the new systems by Kaytumadi iSolutions, Diebold Nixdorf's local partner, is scheduled to begin at the start of next year. The complete rollout across CB Bank's network is set for completion by the end of 2017.
Q.Why is CB Bank expanding its cash services in Myanmar?
Why is CB Bank expanding its cash services in Myanmar?
There is strong demand for cash in Myanmar, where it is the main mode of payment for over 53 million people. Competition among banks to provide cash services is also fierce, prompting CB Bank to expand its market position.
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