Home Insider Insider Fintech Digital Payments in Myanmar has grown as Usage and Acceptance Points Expand

Digital Payments in Myanmar has grown as Usage and Acceptance Points Expand

Visa, one of the world’s leaders in digital payments, announced the people of Myanmar continue to embrace digital payments with increased consumer spending and more merchants applying digital payments across the country.   Total spending on Myanmar-issued Visa cards grew by 25 per cent in March 2019 when compared to the same period last year, while the number of transactions increased by 62 per cent.

Country Manager for Visa Myanmar, Lillian Wang, said: “We’re pleased to see continued growth in digital payments here in Myanmar as more consumers and businesses are realizing the benefits of going cashless. We believe the introduction of new payment technologies such as contactless and wider acceptance of digital payments are all contributing to this growth. Visa contactless technology is transforming the way consumers conduct their daily lives and is enabling merchants in traditionally cash-based segment to access a fast and secure digital payments solution.”  The increases correspond to the growing number of merchants that accept digital payments, which has risen by 30 percent.

Visa has taken a proactive role in engaging with client banks and government bodies to introduce rules and best practices to ensure that proper security measures are in place. The latest engagement included conducting workshops on Anti-Money Laundering and Anti-Terrorist Financing. The workshop provided participants with global and regional trends in anti money laundering, an overview of Visa’s compliance program, an approach to effective transaction monitoring and best-practice sharing. The workshop included representatives from seven banks, namely Asia Green Development Bank, Ayeyarwady Bank, Co-Operative Bank, Kanbawza Bank, Myanma Apex Bank, Myanmar Oriental Bank, and United Amara Bank.

“As a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries around the world, Visa has extensive experience combating money laundering. We are delighted to be able to share our knowledge and hope the workshop will add value and help our clients improve operational efficiency and minimize risks in their business thereby enabling businesses and Myanmar economy to thrive,” Wang added.