Visa has announced that the first Visa payment service for point-of-sale (POS) transactions in Myanmar has been established in cooperation with Myanmar Oriental Bank. This milestone signifies the emerging country's transition away from a primarily cash-based economy, and the development of its electronic payment infrastructure.
Local merchants and banks are now able to participate in the global electronic payments system – providing they have the technology to do so – and international cardholders can make a payment directly to a local business with their Visa credit, debit and prepaid cards. Myanmar's first international point-of-sale transaction was made at the popular Green Elephant Restaurant in Yangon yesterday.
A nationwide ATM network was established in December and there are now 108 ATMs across the country.
The ability to accept electronic payments at their premises will open up many new opportunities for merchants to grow their businesses as tourists and business travelers with Visa cards will be able to pay for services and products more conveniently,” said Somboon Krobteeranon, Visa country manager, Myanmar and Thailand.
The country has been welcoming an increasing number of business and leisure travellers since it opened up to the world last year. Many international airlines have initiated flights to Yangon, including Dragonair (see here), Korean Air (see here) and others (see here). To read more about this emerging destination, click here.
For more information, visit http://corporate.visa.com