Bangkok--2 May--Spark Communications
Visa 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, MOB 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[1] 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[2] 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, Myanmar Oriental 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-Pacific[3], we are working with banks and the merchant community to meet their payment needs.”
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).
[1] EMV chip-based payment cards, also known as smart cards, contain an embedded microprocessor, a type of small computer. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features
[2] Myanmar Ministry of Hotels and Tourism
[3] The Visa Global Travel Intentions Survey 2011 was an online survey conducted by Nielsen in February and March 2011. The survey asked 11,620 respondents from 23 countries and territories around the world about past and future travel plans. For each market, respondents were internet users, aged 18 years or above, had travelled internationally for holidays in the past two years or have the intention to do so in the next two years.
Kanbawza Bank (KBZ) and Visa hosted a media briefing at The Strand Hotel, Yangon. KBZ and Visa have formed a partnership to drive electronic payments acceptance in Myanmar, particularly in support of the country’s fast growing tourism sector. From left, Somboon Krobteeranon, Visa Country Manager Myanmar and Thailand; KBZ Senior General Manager U Zaw Lin Htut; KBZ Senior Managing Director U Than Cho; KBZ Vice Chairman U Than Lwin with Peter Maher, Visa Group Country Manager Southeast Asia and Australasia. With them are Sukhdeep Singh (second right), Managing Director of Myanmar Hotels International, and Didier Belmonte, General Manager of The Strand Hotel, Yangon.