Privately owned Co-Operative Bank plans to manufacture and issue prepaid VISA cards in Myanmar ahead of December’s SEA Games, CB Administrative Managing Director Pe Myint told Mizzima yesterday.
The cards will allow users to withdraw cash from ATMs in Euros, and US and Singapore dollars. Holders will also be able to use them at point of sales terminals and for online transactions.
Pe Myint said the Central Bank of Myanmar had given permission for manufacturing and issuing the debit cards.
A VISA executive said the company had already approved a plan to manufacturing the cards here and that it is negotiating with “private banks” to allow them to do so. “We cannot name which banks will manufacture and issue these cards,” said the executive who declined to be named, adding that the banks themselves will announce the move.
Banks are already making Master Card cards here, Pe Myint said.
International payment cards debuted in Myanmar a year ago.
From last December to 23 October cash withdrawals and purchases using VISA cards totaled US$ 15 million in Myanmar, VISA said. Its cards can be used at more than 250 ATMs in the country and at more than 600 stores, restaurants and hotels.
Source: Mizzima News Myanmar