Visa bullish on nationwide growth in Myanmar
As only 0.5 per cent of the population has access to electronic payments so far, Visa Inc, the global payments firm, sees a lot of room for improvement in Myanmar. Arturo Planell, Visa country manager for Myanmar, said at a press conference last week that the number of Visa cards in the country had increased by 80 per cent last year, and he expected the growth to continue this year. He declined to reveal the exact number of Visa cards in Myanmar, due to business confidentiality. “We have seen very strong growth here, and we are very excited about that. There is a lot of demand, as the country opens up. A lot more Myanmar nationals are flying and travelling abroad,” Planell said.
Last year, the value of transactions made by Myanmar cardholders while travelling overseas grew by 54 per cent.
Meanwhile, the value of e-commerce transactions made on international websites expanded by 108 per cent, mostly from sales of air tickets and accommodation. Currently, the Visa cards available in Myanmar are prepaid cards, issued by four local banks: KBZ, CB, Aya and Myanmar Apex Bank.
