Visa, local banks plan multicurrency credit card for Myanmar travellers

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Visa is working closely with banks in Myanmar on the Visa multicurrency travel prepaid card to make it easier for people to go abroad.

The launch of the card will mark a milestone in the country’s financial system, opening the global marketplace to Myanmar people who are traveling internationally for business and leisure in record numbers.

Cardholders can load up to three currencies – the euro, US dollar and Singapore dollar – onto the card to make overseas transactions anywhere Visa is accepted – at tens of millions of merchants, either online or in-store.

The card can also be used to withdraw cash at two million ATMs worldwide.

Somboon Krobteeranon, manager for Myanmar and Thailand, said yesterday that it is critical to provide payment innovations for Myanmar travellers to use abroad.

“This progress is the result of the vision and partnership between Myanmar banks and Visa to modernise payments for the people of Myanmar.

“In the past year we’ve seen tremendous growth in the development of the local banking sector and we believe the potential remains high for Myanmar to leapfrog traditional payment systems and develop a financially inclusive infrastructure that will benefit the whole country.”

Visa research has shown that most businessmen prefer paying with a card when traveling because it’s safer than carrying cash or travellers cheques. Leisure travellers like prepaid cards because they can be used to withdraw cash at ATMs, make payments in stores and make payments online.

“Visa is committed to introducing the products that are most relevant to the people of Myanmar. Visa will continue collaborating with Myanmar banks to enable the introduction of additional payment products in the future,” he said.

Since December when Visa’s payment system was introduced in the country, transactions on Visa cards by tourists, inclusive of ATM withdrawals, have reached US$15 million. Visa cardholders can now withdraw cash from more than 250 ATMs and make payments at more than 600 retail points across the country.

Source: ELEVEN Myanmar

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