American payment giant Visa Inc has opened an office in Yangon in a bid to expand its growing footprint in Myanmar’s nascent electronic payments market.
Visa said since entering the country in October 2012 it has seen “considerable growth” in the uptake of electronic payments.
Last year, transaction volume, payment volume and card numbers have all seen triple-digit growth – the highest in any Visa market globally, it added.
Today, there are more than 1,800 retailers accepting electronic payments and 1,150 ATMs across the country. Transactions on Visa cards by tourists, inclusive of ATM withdrawals, have accounted for more than $160 million, according to VisaNet data from December 2012-14.
There are also eight local banks licensed to work with Visa and five Visa Multicurrency Travel Prepaid card programs have been launched.
The California-based company announced Hiro Taylor as its new Myanmar country manager.
“As the country experiences unprecedented economic growth, there is a clear demand for simple, convenient and secure electronic payments.
“We’ll continue to push the boundaries of payments through our network around the world, and we fully expect to see Myanmar leapfrog into the digital age via mobile payments and eCommerce channels,” Taylor said.
Visa signed its first licensing agreements in Myanmar with Kanbawza bank, CB Bank and Myanmar Oriental Bank in late 2012, establishing arrangements for Visa-branded payment cards to be accepted in Myanmar.