Visa announces strategic processing relationship with Planet Payment

Visa

Facilitating international financial inclusion

Visa recently announced the opening of the Myanmar market to ATM and POS acceptance through their licensing agreements with Co-operative Bank, Kanbawza Bank, and Myanmar Overseas Bank.  Visa and Planet Payment are working on opportunities to target the deployment of the managed service to additional developing markets in support of traditional ATM and POS acceptance as well as developing support for mobile point of sale (mPOS).

 “Visa card acceptance for ATM and point-of-sale transactions in Myanmar are operating well. As part of our ongoing commitment and partnership with local banks, we are working together to improve efficiency in operations and services,” said Somboon Krobteeranon, Visa Country Manager, Myanmar and Thailand.

Phillip Kumnick, Visa’s Head of Global Acquirer Processing, said: “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.  For the core technology and operating systems we are working with Planet Payment. Our service now connects the Myanmar banks’ ATMs and POS machines to Visa managed services, and manages the complexities of cross border processing acquiring services.”

As a result of the recent success in Myanmar, Visa and Planet Payment are working on opportunities to target the deployment of the managed service to additional developing markets in support of traditional ATM and POS acceptance as well as developing support for mobile point of sale (mPOS).  

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