Myanmar has recently opened up very quickly to foreign markets since the lifting of the US sanctions. One big move will be allowing the use of internationally recognised credit card companies, Visa and MasterCard. It is believed that with this permission granted by Myanmar's government, Myanmar's travel industry looks set on a promising outlook, especially now that tourists no longer need to bring huge stacks of cash when travelling to Myanmar. Besides Visa and MasterCard, China UnionPay and Credit Bureau are the other two foreign credit card companies that are entering Myanmar.
As Myanmar continues to open up its market to foreign investors and build on their technological developments, it is definitely an emerging market that many businesses are keeping an eye on. As part of the Asian community where the future payments of cards (e.g. credit cards) is advancing rapidly, Myanmar will be able to tap on this wave for its future payment as well. Asia is really the place where emerging markets will adopt new payment technologies at a fast pace.
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News is retrieved from: Channel News Asia