Visa opens Myanmar office, aims to increase card services in country

Credit card users draw cash from ATM machine of CB Bank.
Credit card users draw cash from ATM machine of CB Bank.

Visa announced the opening of its office in Myanmar on Wednesday, saying it aims to expand access to electronic payments across the country.
“Together with our clients we work to bring the benefits of electronic payments to everyone, everywhere across Myanmar,” Mr Hiro Taylor, the newly appointed country manager for Visa in Myanmar, said.
Visa is operating its card business in connection with eight local banks—Kanbawza Bank, Myanmar Apex Bank, Myanmar Citizens Bank, Asian Green Development Bank, Ayeyawady Bank, United Amara Bank, Myanmar Oriental bank and Co-operative Bank.
Mr Taylor said there are over 1,800 retailers accepting electronic payments and 1,150 ATMs across the country, with plans to develop online payment systems in Myanmar in the future.
Since entering the country in 2012, transactions on Visa cards by tourists, inclusive of ATM withdrawals, have accounted for more than US$160 million, he added.
Myanmar leads the way as the fastest-growing market for Visa globally. Last year, transaction volume, payment volume and the number of cards in use have all seen triple-digit growth. It is the highest in any Visa market globally, according to the company.
Visa’s global network connects thousands of financial institutions with millions of merchants and cardholders every day. The California-based payments giant operates in 200 countries and territories.

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