25 July 2016
Find out more

Visa looks to Myanmar

17 August 2012  |  4324 views  |  0 credit card

Visa is working with banks in Myanmar to help build the country's electronic payments infrastructure as it opens up to the rest of the world.

Having made significant democratic strides over the last year and seen economic sanctions eased, Myanmar is taking tentative steps to modernise its cash-based economy.

According to the Wall Street Journal, Visa has begun training local banks, helping them to build ATM and point-of-sale networks that will accept the internationally-issued cards of visitors that are now flooding in to the once isolated nation.

Visa's Peter Maher told the Journal that although ATMs and terminals are "heavily dependent on technical infrastructure," internationally-issued cards should be accepted "within a matter of months - not years".

MasterCard is also understood to be working with partners in the country to help build the necessary infrastructure.

Under new president Thein Sein, Myanmar has seen major democratic reforms, including the release of political prisoners and the election of Aung San Suu Kyi to parliament.

With sanctions relaxed, it is now also trying to build its shattered economy, recently enlisting the Tokyo Stock Exchange's technological expertise for a securities exchange slated to go live in 2015.

Visa Set to Enter Myanmar - WSJ

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

TSE to provide tech expertise for new Myanmar exchange

TSE to provide tech expertise for new Myanmar exchange

12 April 2012  |  4080 views  |  0 comments
US files WTO case against China over access to card market

US files WTO case against China over access to card market

17 September 2010  |  8596 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euVisit VocaLink.comVisit capgemini.com

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
8541 views 14 comments | 32 tweets | 37 linkedin
satelliteContactless Bitcoin startup Plutus Tap &am...
8355 views comments | 7 tweets | 3 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
8249 views 0 | 14 tweets | 8 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
8040 views 3 | 20 tweets | 7 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7706 views comments | 22 tweets | 28 linkedin

Featured job

Find your next job