Mar 26, 2013
Yangon, March 21st 2013 - Visa today announced the continued momentum of its payment network expansion in Myanmar with Co-operative Bank (CB), Kanbawza Bank (KBZ) and Myanma Apex Bank (MAB) to further enable point-of-sale (POS) acceptance for Visa payment cards.
Visa’s latest partnerships are helping to drive country wide acceptance of cards at hotels, restaurants, retail stores and more. In January, Visa celebrated a historic milestone with Myanmar’s first international POS transaction fully supported by EMV technology. This latest development will allow international Visa cardholders to use their Visa credit, debit and prepaid cards at more merchants in Myanmar through POS terminals provided by the latest additions of CB Bank, KBZ Bank and MAB Bank to the Visa network.
With this rollout, banks will be able to offer merchants greater security for sales processes and simplified record keeping. The new POS terminals will also be enabled with EMV technology which offers the industry’s highest standard of payment security for merchants and cardholders. With a larger payment card acceptance network, local merchants and banks will have the opportunity to participate in the global electronic payments system and gain access to a pool of 2.0 billion Visa cardholders worldwide.
These developments will fast-track Myanmar onto the global financial mainstream while supporting economic growth and providing greater opportunities for local merchants to tap into expanding business opportunities. Visa is working with local acquirers to enable over 1,000 retail locations to support Myanmar’s upcoming ASEAN games. According to the Myanmar Ministry of Hotels and Tourism, tourist arrivals reached more than 1,000,000 in 2012. This number is expected to grow significantly this year ahead of international events such as the World Economic Forum for East Asia and the country’s 2014 Chairmanship of ASEAN (Association of Southeast Asian Nations).
Somboon Krobteeranon, Visa Country Manager, Myanmar and Thailand, said: “We are proud to partner with Co-operative Bank, Kanbawza Bank and Myanma Apex Bank under the leadership of the Central Bank of Myanmar to bring the benefits of electronic payments and acceptance to Myanmar’s business sector, its people and international tourists. Inbound tourism to Myanmar is growing in record numbers, and with 64% of international travelers preferring to pay by cards when traveling in Asia-Pacific3, we are working with banks and the merchant community to meet their payment needs.”
“We are proud to partner with Visa in bringing the benefits of card acceptance to merchants and tourists. This is a significant step forward for Myanmar as the country opens up to the international community with more restaurants, hotels and retail locations soon accepting Visa cards. The opportunities for the country’s growth are promising, and Myanma Apex Bank will continue to lead the advancement of Myanmar’s financial infrastructure.” said Mr. Win Min Khine, Managing Director, Myanma Apex Bank.
Visa partnered with Planet Payment to bring its international payment technology to the country, connecting Myanmar bank’s ATMs to VisaNet, and to manage the complexities of cross border ATM and POS processing. The development of the electronic payments infrastructure in Myanmar will eventually enable innovations, such as eCommerce and mobile point-of-sale solutions (a small payment card reader that can be plugged into a smartphone. Once configured, the smartphone with the mPOS attached allows merchants to accept Visa card payments by dipping the card).
Re-disseminated by The Asian Banker