Visa will work with Planet Payment to extend payment processing in international markets such as Myanmar.
Co-operative Bank, Kanbawza Bank and Myanmar Overseas Bank are the first participating issuers. These banks signed licensing agreements for ATM and point of sale of acceptance, a move that will also help build an electronic payments infrastructure in Myanmar.
Each bank subscribed to a Visa-managed service system that allows the banks to activate their systems to support inbound business travelers and tourists. "Visa card acceptance for ATM and point-of-sale transactions in Myanmar are operating well. As part of our ongoing commitment and partnership with local banks, we are working together to improve efficiency in operations and services," said Somboon Krobteeranon, Visa country manager for Myanmar and Thailand, in a press release.
Planet Payment, an international payment processing and multi-currency processing provider, will manage the underlying technology. Planet Payment sells point of sale, electronic commerce and ATM services. These services integrate within payment card transaction flow, enabling acquirers, merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies.