Visa has joined forces with Asia Green Development Bank (AGD) and Ayeyarwady Bank (AYA) to expand ATM and card acceptance network in Myanmar.
The alliance will develop the country’s electronic payments infrastructure, providing greater convenience and security for cardholders.
As part of the move, the ATM and point-of-sale (POS) networks of AGD and AYA will be connected to VisaNet.
Visa reported that the banks have agreed to adopt its global security standards for electronic payment and issue new point-of-sales terminals that will be enabled with EMV technology.
Visa Myanmar and Thailand country manager, Somboon Krobteeranon, said: "We are committed to expanding the Visa network across all major tourist destinations, which will also greatly support local merchants and the country’s economy."
The company is also launching its first Visa multicurrency travel prepaid cards for locals in partnership with the banks.
Visa’s ATM and point-of-sale network covers major cities, towns and tourist sites in Myanmar including Nay Pyi Taw, Yangon, Mandalay, Bago, and Taunggyi.
Since the launch of Visa’s first network in Myanmar in December 2012, cardholders are being able to withdraw cash at more than 450 ATMs and make secure payments at more than 750 retail points across the region.