Visa has signed with Capital Hypermarket to roll out card payments through domestic CB Bank in the local supermarket’s outlets, according to a February 8 announcement.
Local and foreign customers will be able to pay using Visa pre-paid, debit and credit cards at seven Capital branches and 93 Grab & Go convenience stores around the country.
Capital Diamond Star Group opened its first Capital Hypermarket in Yangon in 2008 and has grown the brand to become one of Myanmar’s largest supermarket chains. It is the second retail group to sign with Visa. The American payments giant joined City Mart Holding’s supermarket and City Express stores last April.
Capital general manager Daw Thwe Thwe Moe said accepting card payments will streamline the checkout process, “freeing up our staff members to serve other customers”.
Visa entered Myanmar in late 2012 when it signed with three banks – KBZ Bank, CB Bank and Myanmar Oriental Bank. It opened its Yangon office in April 2015. Visa cards are now accepted by 2300 point-of-sale machines and 1400 ATMs across Myanmar.
“We hope to continue this upward trajectory as we work with our partners,” said Arturo Planell, country manager of Visa for Myanmar, in a statement.
Myanmar is one of the fastest growing markets for Visa globally, sources said, and the company is working with its merchant and bank partners to train cashiers, and to increase electronic payments. Yet the market will remain constrained by government regulations that bar locally issued Visa cards from being used domestically.
Source: Myanmar Times
