Visa Announces Strategic Processing Relationship With Planet Payment
Relationship to Focus on Developing Markets
LONG BEACH, N.Y., March 15, 2013 (GLOBE NEWSWIRE) -- 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. This represents significant progress for Myanmar's electronic
payments infrastructure as it provides the country with a platform to
participate in the global financial system. By joining the Visa network, the
banks agree to adopt Visa's global security standards for electronic payment.
Bringing the Myanmar banks into the network quickly and efficiently was
accomplished through each of the Visa bank partners subscribing to a Visa
managed service solution that allowed them to quickly activate their systems
to support the needs of inbound business travelers and tourists alike.
"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
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 (USA: NASDAQ: PLPM; UK: LSE: AIM: PPT).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."
Philip Beck, Chairman and CEO of Planet Payment, said: "Planet Payment's
single proprietary processing platform enables the delivery of payment
solutions that can be tailored quickly to meet the requirements of a
particular market. Visa and Planet Payment share the vision that payments have
the power to improve the way business is done. We are very excited to be
working together in Myanmar and we continue to work together on opportunities
to deliver innovative payment solutions to banks, merchants and consumers in
other developing economies."
"As Myanmar continues its journey toward full international reintegration,
there will be more opportunities to extend the reach and scope of electronic
payments in the market. We look forward to working with the government,
central bank, financial institutions and merchant community to grow electronic
payments in the country," added Krobteeranon.
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).As more and
more merchants look to capitalize on the value of accepting electronic
payments, Visa stands ready to help its client banks support growing the
financial network, expand on its financial inclusion goals, and partner to
develop their payments systems.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200 countries
and territories to fast, secure and reliable electronic payments. We operate
one of the world's most advanced processing networks—VisaNet—that is capable
of handling more than 24,000 transaction messages a second, with fraud
protection for consumers and assured payment for merchants. Visa is not a bank
and does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time with prepaid
or later with credit products. For more information, visit
About Planet Payment
Planet Payment is a leading provider of international payment processing and
multi-currency processing services. We provide our services in 20 countries
and territories across the Asia Pacific region, North America, the Middle
East, Africa and Europe, primarily through our more than 50 acquiring bank and
processor customers. Our point-of-sale and e-commerce services help merchants
sell more goods and services to consumers, and together with our ATM services,
are integrated within the payment card transaction flow enabling our acquiring
customers, their merchants and consumers to pay, shop, transact and reconcile
payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta,
Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City,
Shanghai and Singapore. Visit www.planetpayment.com for more information about
the Company and its services. For up-to-date information follow Planet Payment
on Twitter at @PlanetPayment or join Planet Payment's Facebook page.
Planet Payment, Inc.
Joel Mayer, SVP Corporate Development
Tel: + 1 516 670 3200
Redleaf Polhill (UK PR for Planet Payment)
Emma Kane / Rebecca Sanders-Hewett /
Tel: +44 20 7566 6720
ICR (US IR for Planet Payment)
Don Duffy / Dara Dierks
Tel: +1 646-277-1212
Canaccord Genuity Ltd (Nomad for Planet Payment)
Simon Bridges / Andrew Chubb
Tel: +44 20 7523 8000
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