MasterCard and Visa: Cage Match in Myanmarhttp://www.fool.com/investing/general/2012/09/13/mastercard-and-visa-cage-match-in-myanmar.aspx John Grgurich
September 13, 2012
Anyone who's anyone wants to be in Myanmar. At least, that's what one would think after hearing about all the companies that are making or executing plans to get in there. But there's good reason for this.
After essentially being closed for business for decades, Myanmar, the southeast-Asian country formally known as Burma, is again wide open. They are offering 60 million practically new consumers to U.S. companies who can set up shop first, no matter what they're selling. Coca-Cola and PepsiCo are already off to the races in Myanmar, set to reignite the old cola wars for a whole new citizenry. And now, it's MasterCard's (NYSE: MA ) and Visa's (NYSE: V ) turn to go toe-to-toe.
MasterCard takes the lead for now
This MasterCard agreement follows hard on the heels of a similar move by rival Visa, which recently began teaching local Myanmar banks the ins-and-outs of processing electronic payments. Visa sees this as a first step to signing a similar deal as MasterCard's.
Go forth and use credit cards