American payment company, Visa opened its first office in Yangon recently and appointed a country manager. It aims to expand its network in Myanmar`s continuously growing electronic payments market. The company plans to operate online payments for e-commerce with its partner banks and merchants alongside their Auto Teller Machines and other electronic payments means.
Visa appointed Mr. Hiro Taylor as country manager in Myanmar. Visa entered Myan- mar banking market in October 2012. Since its entrance to Myanmar market, Visa has seen considerable growth in the uptake of electronic payments and Myanmar becomes the fastest growing market for Visa globally. Visa has brought 1,150 ATMs across the country. Regarding electronic payments, it has more than 1,800 retailers. Visa has
worked together with eight local banks including Kanbawza bank, CB Bank and Myanmar Oriental Bank and mobile payments, eCommerce channels, and Prepaid Card Programs has been launched in Myanmar.
Mr. Hiro Taylor said, “A channel we are trying to grow is e-commerce, which would enable cardholders to buy air tickets or book hotel rooms online.”
“Our big mission in Myanmar is to trans- form reliance on physical currency to electronic card payments,” he said, “which would be faster, cheaper and easier for consumers and companies.”
Visa is the California based financial services corporation that provides financial institutions and merchants with Visa-branded payment products. Its licensed banks and financial institutions offer credit, debit, prepaid and cash-access programs to their consumers. Today, visa operates in 200 coun- tries and territories and the products and
services are available on any device – card, laptop and mobile device.
