On Tuesday Visa announced that Asia Green Development Bank (AGD) and Ayeyarwady Bank (AYA) are connecting their ATM and point-of-sale (POS) networks to VisaNet, the leading electronic payments network globally. This development marks another key milestone for Visa in Myanmar as the payments leader works closely with local financial institutions to develop the country’s electronic payments infrastructure, providing greater convenience and security for cardholders.

By joining the Visa network, the banks agree to adopt Visa’s global security standards for electronic payment. Both banks will issue new point-of-sales terminals that will be enabled with EMV technology1 which offers the industry’s highest standard of payment security. Somboon Krobteeranon, Visa Country Manager, Myanmar and Thailand, says Visa has been working to expand Visa’s card and ATM acceptance ahead of the 2013 Southeast Asian Games in Myanmar, which opened yesterday.

“This is an important step forward for Myanmar’s electronic payment infrastructure, particularly as Myanmar hosts the country’s largest international event, the 2013 Southeast Asian Games. With tourism and inbound travel expected to continue growing, we congratulate both Asia Green Development Bank and Ayeyarwady Bank on this achievement. We are committed to expanding the Visa network across all major tourist destinations, which will also greatly support local merchants and the country’s economy.”

Since December 2012 when Visa first established its network in the country, cardholders can withdraw cash at more than 450 ATMs and make secure payments at more than 750 retail points across Myanmar. Visa and local banks are introducing the country’s first Visa multi-currency travel prepaid cards for locals, marking another significant development.

Visa’s ATM and point-of-sale network covers major cities, towns and tourist sites in Myanmar including Nay Pyi Taw, Yangon, Mandalay, Bago, and Taunggyi.

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Photo Credit: Temple complex in Myanmar. Skift