Visa targets restaurants for point-of-sale rollout

The smell of burning plastic will now enrich the heady cocktail of scents in Yangon’s streets. As of January 31, customers can pay for goods and services at selected outlets using their Visa card.

Visa, which describes itself as the world’s biggest payment network, will offer the service in cooperation with Myanmar Oriental Bank. The credit card company said this would “bring new opportunities for local merchants and banks to participate in the global electronic payments system, and marks the first time international cardholders can make a payment directly to a local merchant with their Visa card”.

Visa signed its first licensing agreements in Myanmar with Kanbawza Bank, Cooperative Bank and Myanmar Oriental Bank on November 3.

Mr Somboon Krobteeranon, Visa country manager for Myanmar and Thailand, said this development was an important step in helping Myanmar develop its electronic payments infrastructure. Mr Somboom, who promised that card transactions would be secure, told The Myanmar Times he looked forward to participation by the other local partner banks at an early date.

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