Two banks in Myanmar — Asia Green Development Bank (AGD) and Ayeyarwady Bank (AYA) — will connect their ATM and point-of-sale (POS) networks to VisaNet to provide greater convenience and security for cardholders.
Cardholders can now withdraw cash at more than 450 ATMs and make secure payments at more than 750 retail points at major cities, towns and tourist sites in Myanmar.
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 technology,a payment security feature.
Somboon Krobteeranon, Visa country manager, Myanmar and Thailand, said that the move will help improve Myanmar's electronic payment infrastructure. This is important as tourism and inbound travel are expected to increase, particularly as Myanmar hosts the 2013 Southeast Asian Games that will commence tomorrow (11 December 2013).
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