First step for electronic payments in Myanmar

 

 

 

 

 

 

The Visa Card Partner Workshop in Yangon was attended by a number of the nation’s leading banks. During the twoday event, Visa introduced representatives to the international requirements for electronic payments and a roadmap for development and delivery. The first event in a series of interactive sessions addressed the critical needs, longterm objectives and immediate steps required to establish a payment infrastructure for Myanmar.

 “We know from experience that there will be an urgent requirement to provide basic ATM network and point-of-sale terminals for international visitors arriving in Myanmar for business and pleasure—and that is where we will focus first,” said Peter Maher, Visa Group Country Manager, Southeast Asia and Australasia.

Following reforms and lift of sanctions by many countries, Myanmar expects the influx of international visitors. With Yangon’s hotels and major tourist attractions now regularly full and the country’s airports seeing increased passenger numbers, connection to the global economy is a key element in opening up the market. 

The news also comes at a good time for Myanmar as the country gets set to host the anticipated rush of visitors expecting to use their payment cards at next year’s Southeast Asian Games and the regional World Economic Forum. Having developed the global standards and infrastructure for much of the world’s electronic payments, Visa is in an ideal position to help pave the way for the country’s entry into electronic payments. 

“Inbound business people and tourists are already looking for the Visa acceptance mark at merchants for the convenience, security and reassurance it brings. The sooner we deliver electronic payments, the sooner Myanmar will benefit from the increased spending,” said Maher.

 

Speaking from Yangon, Somboon Krobteeranon, Visa Country Manager, Thailand and Myanmar said, “These workshops provide a clear path to introducing a reliable and internationally connected gateway to the global economy and we are already seeing potential partners enthusiastically supporting our proposals. From our initial observations, Myanmar should have little difficulty in meeting the international requirements and the country’s banks seem committed to providing electronic payments as soon as possible.” 

“Electronic payments will provide important support for Myanmar’s business and tourism development as well as enable economic empowerment and inclusion for the millions of unbanked in the country,” he added.

Visa’s programme is intended to facilitate an electronic payments network that brings economic growth and financial inclusion to the country.