Myanmar The Next Target For ATM Makers

10 Nov

International manufacturers of ATM or automated teller machine are currently on a high competition in Myanmar as they try to get majority of the market share. Despite the facts that there is a new hotel in Yangon Myanmar, 90 per cent of the country’s whole population is still unbanked. One of the ATM manufacturers vying is NCR Corporation listed in the United States. Another is Diebold, based in the United States, which recently merged with Windcor Nixdorf, based in Germany.

Currently, there are fewer than 2000 ATMs available in Myanmar. This number is the reason why the country has been dubbed to have the lowest ratio of 33 ATMs to a million people among the ASEAN countries. In comparison, Thailand tops the list with the highest ratio set at 900 ATMs per million.

These two companies are also the same ones that are going head to head when the local banks in Myanmar are looking to expand and are planning to do financial inclusion. Their ultimate goal is not only to increase the account holders in their banks but to spend lesser in installations.

If there are more high-tech ATMs set up at various locations all over the country, banks will be able to save cost since they don’t have to build kiosks or physical branches any longer. One example is the cash recycling ATM manufactured by NCR. The account holder will be able to withdraw and deposit cash no matter how thick.

Banks are no longer required to build branches all over the country which saves not only costs in setting up but also in hiring additional staffs. It promotes better production and improved efficiency because these ATMs do not require a constant supply of cash.

Diebold Nixdorf announced their expansion beyond Yangon. It recently entered in a contract with CB Bank. The partnership will offer more self-service functions other than in Yangon. The contract will add 500 cash recycling machine to the existing 500 ATMs of CB Bank. Tourists staying in hotel in Yangon Myanmar will have more options to withdraw money while they are in vacation.