Visa Set to be Used in Myanmar

Visa Inc. is training local banks in Myanmar to use electronic payment systems to accommodate the influx of travelers coming into the country expecting to use ATMs and electronic credit card facilities.
Myanmar has been a cash-dominated country but with international sanctions against the military and state being eased and a new boom in tourism new credit card outlets are on the rise.
Hotels, airports, and top tourism spots will now need to provide basic ATM network and point-of-sale terminals for international visitors.
MasterCard Worldwide’s president for Southeast Asia Matthew Driver said it is also “engaged with the appropriate parties to develop electronic payments” in Myanmar.
Visa will partner with selected banks to establish training workshops aimed at upgrading banking facilities over the next few months.
Analysts say that Visa’s entry indicates that the world’s largest corporations are taking cautious steps into the market despite hurdles.
The U.S. government announced a broad easing of Myanmar trade curbs that included a loosening of restrictions on U.S. businesses providing financial services. Visa noted that it is still “bound by certain legal obligations under prevailing international sanctions.”
The U.S. still does not authorize American financial institutions to provide services to Myanmar’s Ministry of Defense, armed groups in the country or anyone blocked under the sanctions program against the country.
Interview About Myanmar Business