Visa has taken its first steps towards entry into Myanmar with a series of training workshops to prepare selected local banks for the introduction of electronic payments (e-payments), as the country continues its economic and social reforms.
A number of the nation’s leading banks attended the recent Visa Card Partner Workshop in Yangon. During the two-day event, Visa introduced representatives to the international requirements for e-payments and a roadmap for development and delivery. The first event in a series of interactive sessions addressed the critical needs, long-term objectives and immediate steps required to establish a payment infrastructure for Myanmar.
“We know from experience that there will be an urgent requirement to provide basic ATM network and point-of-sale [POS] terminals for international visitors arriving in Myanmar for business and pleasure – and that is where we will focus first,” said Peter Maher, Visa Group country manager, southeast Asia and Australasia.
Following reforms and the lifting of sanctions by many countries, Myanmar expects an influx of international visitors. With Yangon’s hotels and major tourist attractions now regularly full and the country’s airports seeing increased passenger numbers, connection to the global economy is a key element in opening up the market.
The news also comes as the country gets set to host next year’s Southeast Asian Games and the regional World Economic Forum (WEF).
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