Visa has announced it is promoting the
development of an electronic payments system in Myanmar by holding
training workshops in local banks.
“These workshops provide a clear path to
introducing a reliable and internationally connected gateway to the
global economy and we are already seeing potential partners
enthusiastically supporting our proposals,” said Visa country
manager for Thailand and Myanmar Somboon Krobteeranon.
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Following the suspension of US sanctions
earlier this year and greater economic openness, the country
central bank has also launched a committee for electronic payments
and is working towards joining SWIFT, Jean-Pierre Verbiest, former
Asian Development Bank Thailand country
director, told Cards
International.
The country’s economy is almost entirely
cash-driven. “There are fewer than 50 ATMs in the whole
country, mainly outside bank branches. They are not
interconnected between banks and, nor they are with the
outside world,” said Verbiest.
He added the influx of foreigners in the
country is growing fast, especially thanks to tourism, and this would be the
first market Visa could benefit from.
Peter Maher, Visa Southeast Asia and
Australasia country manager said: “We know from experience that
there will be an urgent requirement to provide basic ATM network
and point-of-sale terminals for international visitors arriving in
Myanmar for business and pleasure—and that is where we will focus
first.”
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By GlobalDataMyanmar will host the 27th Southeast
Asian Game and the World Economic Forum on East Asia next year.
Visa seems confident the country will be
ready for that. “From our initial observations, Myanmar should have
little difficulty in meeting the international requirements and the
country’s banks seem committed to providing electronic payments as
soon as possible,” said Krobteeranon
Verbeist agrees significant changes will
happen in the near feature, but he is more wary. “The only issue is
how fast it can really go. I think it will take at least one year
and a half for the system to be developed,” he said.
