Visa to promote mobile payments in Myanmar

Visa Inc, a global payment technology company is hosting the Mobile and Electronic Payments Conference 2012 to expand its financial services in Myanmar.
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 Myanmar International 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.

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.

 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.

This means that the opportunity to provide secure, convenient and affordable financial services can soonbecome a realityfor the people of Myanmar.

 Government officials, financial institutions, international development organizations and other industry groups, have been invited to the conference, which will offer presentations, case studies, demos and one-on-one question-and-answer sessions to educate and inform participants about mobile payments and branchless banking. In addition to discussing how branchless banking can work, Visa executives and others will examine how effective regulation of mobile payments can be essential to the success of any mobile payment system.

Policymakers will also have the chance to better understand current mobile payment regulation as the industry evolves, including trends and examples of best practices around the world. Highlighting this discussion will be a presentation by Hayder Al-Bagdadi, the head of the Alliance for Financial Inclusion (AFI) Mobile Financial Services Working Group. 

In the final panel discussion titled 'What does this mean for Myanmar?', several civil society thought leaders in Myanmar will join Visa in a talk about how electronic and mobile payments can benefit all citizens of Myanmar. Several invited bank executives are also expected to share their views on how electronic and mobile payments will impact their industry in Myanmar.

 As economic and political momentum continues in Myanmar, Visa will remain committed to partnering with government entities, financial institutions and others to develop secure and affordable mobile payments solutions that reach a wide audience and boost efficiency, growth and financial inclusion," Maher added.

source: The Nation
http://www.nationmultimedia.com/business/Visa-to-promote-mobile-payments-in-Myanmar-30195751.html