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Visa adds three Myanmar banks to its payment network

Global payments technology company Visa has inked licensing agreements with Co-operative Bank, Kanbawza Bank, and Myanmar Overseas Bank, to help them manage the complexities of cross border processing acquiring services.

In order to adopt the mobile payment services quickly and efficiently, the banks have subscribed a Visa managed service technology, which enables their ATMs and POS machines to cater to the needs of inbound business travelers and tourists alike.

For the core technology and operating systems, Visa has teamed up with Planet Payment, an international payment processing and multi-currency processing services provider.

Visa global acquirer processing head Phillip Kumnick commented, "Working with each bank we were able to deliver the processing solutions needed to operate their ATM and merchant acquiring systems through a Visa managed service."

The payments technology company currently connects consumers, businesses, financial institutions and governments in more than 200 nations and regions and offers fast, secure and reliable electronic payments channel.

Planet Payment offers its services in 20 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through its more than 50 acquiring bank and processor customers.