Myanmar banks join Visa ATM network
Yangon - Visa today announced that Visa cards will now be accepted at nearly 90 ATMs operated by Co-operative Bank and Kanbawza Bank across Myanmar.
Nearly 90 ATMs operated by Co-operative Bank andKanbawza Bank in Myanmar will begin accepting Visa cards.
This represents significant progress for Myanmar's electronic payments infrastructure as it provides the country with a platform to participate in the global financial system. By joining the Visa network, the banks agree to adopt Visa's global security standards for electronic payment.
Starting today, Visa cardholders will be able to access cash across major tourist regions in the country. Co-operative Bank and Kanbawza Bank's combined Visa ATM network covers major cities, towns and tourist sites in Myanmar including Mandalay, Bago, and Taunggyi. In Yangon, Visa cards will be accepted at ATMs located in the Yangon International Airport, Bogyoke Market, Inle Lake Hotel, City Mart Marketplace, Junction Square, Trader's Hotel, and Park Royal Hotel.
"We are proud to work with local banking partners to welcome Myanmar into Visa's international network of 1.96 million ATMs worldwide. This is an important step for Myanmar's electronic payment infrastructure. As the country's financial system continues to develop, ATMs are a way to grow the reach of financial services, and support the economic and tourism growth of the country. The acceptance of Visa cards at local ATMs in Myanmar will ensure that visitors have a convenient and safe way to access local currency," said Peter Maher, Visa Group Country Manager, Southeast Asia and Australasia.
Myanmar is hosting two major international events in 2013 - the World Economic Forum (WEF) on East Asia and the Southeast Asian Games.
"It becomes critical that easy and secure access to financial services becomes available. Through our growing ATM network, Visa cardholders will be able to get hold of local currency, which allow for increased spending to benefit local businesses," he added.
Visa partnered with Planet Payment to connect Myanmar bank's ATMs to VisaNet, and to manage the complexities of cross border ATM and POS processing. Philip Beck, chairman and CEO of Planet Payment, said that the company’s single proprietary processing platform enables the delivery of payment solutions that can be tailored quickly to meet the requirements of a particular market.
"Visa and Planet Payment share the vision that payments have the power to improve the way business is done and we are very excited to be working together to deliver innovative payment solutions to banks, merchants and consumers in developing economies around the world," he said.
This development comes just after Visa hosted the country's first ever Mobile and Electronic Payments Conference 2012 in the Naypyitaw. The conference was attended by 200 guests, including government officials, and addressed the economic benefits of electronic payments and potential for mobile payments in reaching out to the largely unbanked population of Myanmar.