The value of transactions made by Myanmar cardholders while travelling overseas grew by 54 percent, according to global payments technology company Visa. Meanwhile, the value of E-Commerce transactions made on international websites grew by 108 percent, mostly from sales of air tickets and accommodation.
“The demand for electronic payments from both Myanmar people and international tourists is strong. Myanmar’s fast growing economy can benefit from expanding access to electronic payments, particularly when it comes to enabling more people to pay and get paid electronically,” said Arturo Planell, Visa Country Manager, Myanmar.
Currently the only Visa cards available in Myanmar are international-use only prepaid cards, for use while travelling overseas and for E-Commerce purchases from international websites. Last year, the number of Visa cards in Myanmar increased by 80 per cent.
To support Myanmar’s growing tourism industry, Visa has been focusing on expanding the acceptance of electronic payments across the country. The number of retailers that accept Visa cards in Myanmar increased by 49 per cent in 2016 to approximately 3,500 retailers.
As a result, the number of Visa card transactions made by international tourists visiting Myanmar increased by 42 per cent. Tourist card spending grew by 22 per cent outside of Yangon, compared to total spending growth of 4.8 per cent across the country. The number of ATMs in the country also increased by 39 per cent, growing to approximately 2,000 ATMs across the country.