Myanmar’s Asia Green Development Bank Ltd has launched chipcard transaction service in its automated teller machines, the first such service in the country.
EMV, or Europay MasterCard Visa, is a technical specification that facilitates interoperability between chip-based credit and debit cards and point-of-sale devices or ATMs. The key objectives of EMV are to reduce counterfeiting and fraudulent transactions, and to standardize all payment solutions on a singular specification recognized globally.
"AGD aims to provide enhanced customer experiences in the most secured environment for our customers. By implementing the global EMV standard, we are achieving a significant leap forward in protecting our cardholders against fraud," says Htoo Htet Tay Za, managing director, Asia Green Development Bank. "
Wincor Nixdorf, a German IT solutions firm, is helping with the EMV migration. The company along with local partners Myanmar Golden Rock Intl and ACE Data Systems, implemented the EMV solution within a five-month timeframe.
