If you thought you could swipe your plastic credit card wherever you go, consider this: Burma, also called Myanmar, has a striking cash-dominated economy. With ATMs in seriously short supply, you will be hard pressed to find a merchant who accepts credit cards. Global Web, an expert on the payment processing front, takes a look at the Burmese economy.
Were used to using credits cards everywhere--in shops, at restaurants, and of course online. But Burma, situated in South East Asia, has a largely cash-only commerce system. Even at luxury resorts its rare that you will be able to pay in cash. Due to political reasons--the military regime in Myanmar has been accused of numerous human rights violations--superpowers like the USA have imposed heavy sanction on the country. However, quite recently, the military regime has been relinquishing some degree of control, and thus, sanction on Burma have been eased.
As a result, the first ever ATM machines have been cropping up in Myanmar, and Myanmar's banks have also created a credit Global Web called the Myanmar Payments Union (MPU) to support credit card transactions. Nevertheless, the transition out of a cash-based economy takes time; the majority of Myanmar’s population still stores its assets in the form of cash, gold, and jewelery and the like. You certainly won't find major international banks if you visit the country
What's next for Myanmar? Myanmar will need to start supporting card processing giants like Visa--which is already making headway into the country. Moreover, the country will need online payment processors like Global Web to grow roots in their soil, so as to develop and grow an online payment processing platform for the Burmese people. Other developments which are likely to take hold in the near future include the potential for mobile phone money transfers. Its still a long journey for the Burmese economy, but there is certainly a lot of potential for growth as far as electronic payment goes.
If you don't happen to be in Myanmar, then you have the worlds largest shopping at your fingertips. Thanks to payment and subscription processing companies like Global Web, a global payment processing enterprise, you can safely shop online without the high risk of fraud or identity theft. Global Web seeks to provide customers with the most secure payment processing possible by employing advanced technology.
More Information on Global Web
When it comes to online content management and subscription processing, there is no one who does it better than Global Web. Operating since 2007 out of New York City, Global Web enables online merchants to easily and securely run their businesses. In addition, the company offers clients extensive payment management consultation services.Global Web may be contacted at (877) 855-1753 or via Facebook, Google+ or Blogger.
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