Visa Commences Services In Myanmar

[SeaVisionBurma]

From http://www.ttrweekly.com/site/2012/12/visa-opens-services-in-myanmar/#more-51519

YANGON, 27 December 2012: Visa can now used at almost 90 ATMs operated by Co-operative Bank and Kanbawza Bank across Myanmar to withdraw cash.

Up until now, travellers had to withdraw enough cash before leaving for Myanmar. Visa cards could not be used to withdraw cash or pay for services once in Myanmar, mainly due to tough US sanctions that prevented US companies from offering financial services in the country.

Credit card companies are now ready to enter the market, but the lack of technology and back-up services for ATMs and credit card transactions are still major hurdles. The few companies that have established a base are operating minimal financial services, but 2013 will see that change as the country’s banking system upgrades through co-operation with foreign banks.

By the end of December, the country expects to welcome more than 600,000 visitors. Visits jumped by 37.5% during the first seven months of 2012 compared to the same period last year.

Mastercard was the first international electronic payment card in Myanmar after it started a service 15 November in partnership with Cooperative Bank. The card said it was working with other banks to offer the service as well.

According to the Visa statement, local banks agreed to adopt Visa’s global security standards for electronic payment.

Co-operative Bank and Kanbawza Bank’s combined Visa ATM network covers major towns including Yangon, Mandalay, Bago, and Taunggyi.

Visa partnered with Planet Payment to connect Myanmar bank’s ATMs to VisaNet, and to manage the complexities of cross border ATM and POS processing.

Late November, JCB International, an international subsidiary of JCB from Japan, signed an agreement with Myanmar Payment Union (MPU) to issue JCB cards in the country. It was the third major global credit card companies to launch operations in Myanmar.

The company said it aims to expand JCB card acceptance in early in 2013 and to launch a JCB card issuing programme in the near future.

December 27, 2012 by Rapeepat Mantanarat

[SeaVisionBurma]

This is very good news indeed.

Anyone been able to make an actual Visa card withdrawal locally yet?

[tombkk]

This is very good news!

Just for reference, another article was posted here.

[uptheos]

This is very good news indeed.

Anyone been able to make an actual Visa card withdrawal locally yet?

There's the million-dollar question. There were announcements back in November, I believe, saying ATMs in Yangon would accept MasterCard. When I went in early Dec, not so.

Any day now though, am sure it will happen.

It sure will, they are moving forward very fast.........while Thailand stands still and scratches its.......

[householder]

Withdrawals do work and contrary to reports I had no problems and withdrew more than the 'official' amount of 240,000 kyat.

[Tomtomtom69]

300,000 Kyat appears to be the maximum amount that can be withdrawn in one transaction, at least at CB bank branches. I have withdrawn this amount 3 times, twice in Mawlamyaing and once in Yangon. I also withdrew another 250,000 Kyat in Yangon so clearly 240,000 is not the limit at CB bank branches, but rather 300,000. In any case, making more than one withdrawal at one time is possible but be aware that you will be charged by your home bank separately for each additional withdrawal.