Asia Green Development Bank Ltd. now accepts EMV-based VISA and MasterCard chipcard transactions in all its ATMs, becoming the first bank in Myanmar to offer the service, Wincor Nixdorf announced today.
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," said Htoo Htet Tay Za, managing director, Asia Green Development Bank. "Wincor Nixdorf has been a long term partner with the bank and we are confident they are able to help AGD successfully manage this EMV migration."
Wincor Nixdorf, together with its local partners Myanmar Golden Rock Intl. Ltd and ACE Data Systems, implemented the EMV solution within a five-month timeframe. The solution encompasses three levels, including EMV Level 1 Hardware (Wincor's EMV-compliant card reader), EMV Level 2 Software, and EMV Level 3 Back-End Integration.
"Wincor Nixdorf congratulates AGD Bank for running the first EMV compliant ATM network in Myanmar, therefore setting the pace for other banks to also ensure this security certificate," said Karsten Kemna, Wincor Nixdorf vice president for Asia-Pacific Banking. "We are thrilled to work with AGD through our local Myanmar partners to make transactions most secure for their cardholders. Wincor Nixdorf has been working extensively with various financial institutions across the globe for many years to help them transition to EMV, and we are continuously developing and promoting technologies that ensure safer transactions for the benefit of the end customers."