Visa announced recently that it had partnered with Planet Payment to provide ATM and POS acceptance via licensing agreements with several Burmese banks, including Co-operative Bank, Myanmar Overseas Bank and Kanbawza Bank.
Myanmar has been without ATM and bank card service for eight years due to sanctions imposed by the U.S. Treasury between 1990 and 2011. Since the nation’s ruling military ceded power in 2011, putting an end to decades of dictatorship, Myanmar’s new President Thein Sein initiated a number of reforms after taking office, including freeing political prisoners and loosening censorship, Mizzima reports.
Myanmar has launched an effort to overhaul its broken banking system, which analysts maintain could encourage foreign lenders to begin operations in the country. Visa bank partners in Myanmar will be able to access a system that allows them to support the financial needs of tourists and business travelers.
“Working with each bank, we were able to deliver the processing solutions needed to operate their ATM and merchant acquiring systems through a Visa-managed service,” Phillip Kumnick, the head of global acquirer processing at Visa, said, according to ATM Marketplace. “Our service now connects the Myanmar banks’ ATMs and POS machines to Visa-managed services and manages the complexities of cross-border processing acquiring services.
Philip Beck, the chairman and CEO of Planet Payment, which will provide the technology and operating systems for the platform, said that the platform allows for payment solutions which can be adapted to fit a certain market.
“We are very excited to be working together in Myanmar and we continue to work together on opportunities to deliver innovative payment solutions to banks, merchants and consumers in other developing economies,” Beck said, ATM Marketplace reports.