Visa sees enormous potential in Myanmar for mobile payments

Visa will expand in Myanmar.

In preparation, the global payment technology company is hosting the Mobile and Electronic Payments Conference 2012.

Mobile payments present enormous potential to bring the benefits of electronic payments and banking services to growth markets like Myanmar, with emerging financial infrastructures and have significant populations living in rural areas.

The conference will cover the full scope of mobile payments, including an in-depth discussion on branchless banking as a 'leapfrog' infrastructure solution that can reach a large area of the population which was previously underserved by traditional brick and mortar retail banking outlets.

The event will feature a range of leading experts in the electronic and mobile payments space and introduce attendees to the macroeconomic benefits that electronic payments bring to an economy. The conference will also examine the various business models and technologies for mobile payments. The event will be held at the MyanmarInternational Convention Center in Nay Pyi Taw, Myanmar on December 11.

"More than one billion people in emerging economies do not have a bank account, but they do have a mobile phone, and that number is expected to reach 1.7 billion in 2012," said Peter Maher,Visa Group Country Manager, Southeast Asia and Australasia.

Maher added that mobilepayments would be a game changer in advancing the electronic payments infrastructure of emerging markets like Myanmar.

"While mobile phone penetration is still low in Myanmar with less than two percent of the population having access to mobiles, we expect dramatic expansion in the availability of mobile devices in the next 18 to 24 months," he said.