Demand for electronic payments is on the rise in Myanmar

Press Release: YANGON, Myanmar, 29 November 2016

Demand for electronic payments is on the rise in Myanmar, according to global payments technology company Visa, who has seen high double-digit year-on-year growth in the value of transactions made by Myanmar cardholders on its international-use only prepaid cards.

The value of transactions made by Myanmar cardholders while travelling overseas grew by 54 per cent. Meanwhile, the value of eCommerce transactions made on international websites grew by 108 per cent, mostly from sales of air tickets and accommodation.

“The demand for electronic payments from both Myanmar people and international tourists is strong. Myanmar’s fast growing economy can benefit from expanding access to electronic payments, particularly when it comes to enabling more people to pay and get paid electronically,” said Arturo Planell, Visa Country Manager, Myanmar.

img_1353n81a6427Currently the only Visa cards available in Myanmar are international-use only prepaid cards, for use while travelling overseas and for eCommerce purchases from international websites. Last year, the number of Visa cards in Myanmar increased by 80 per cent.

To support Myanmar’s growing tourism industry, Visa has been focusing on expanding the acceptance of electronic payments across the country. The number of retailers that accept Visa cards in Myanmar increased by 49 per cent in 2016 to approximately 3,500 retailers.

As a result, the number of Visa card transactions made by international tourists visiting Myanmar increased by 42 per cent. Tourist card spending grew by 22 per cent outside of Yangon, compared to total spending growth of 4.8 per cent across the country.

The number of ATMs in the country also increased by 39 per cent, growing to approximately 2,000 ATMs across the country.

“Electronic payments bring the benefits of convenience, transparency and security to consumers, retailers and the government, as well as helping to drive economic growth. In Myanmar, Visa continues to lay the foundation for electronic payments by investing in card acceptance, providing education to client banks and promoting financial literacy to consumers. Visa is committed to continuing its work to develop a sustainable and transparent payments industry in Myanmar,” added Mr. Planell.

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