Visa and CB Bank have launched the CB Bank EASI Travel Visa card for Myanmar cardholders to use when traveling overseas.
Announcing this recently, the financial organization said that this marked another milestone in the development of the country's financial system, opening the global marketplace to locals who are traveling internationally for business and leisure.
The CB Bank EASI Travel Visa card can hold up to three currencies (Euro, US$, SG$) at one time, and can be used for overseas transactions anywhere Visa is accepted. Cardholders can load a minimum of USD50 to maximum of USD5,000 and they have to pay only one-time card fee of 8,000 Kyat (approx. USD8.00).
"This latest development is the result of the vision and leadership of the Central Bank of Myanmar and CB Bank to modernize payments for the people of Myanmar," said Somboon Krobteeranon, Visa Country Manager for Myanmar and Thailand. "In the past year, we've seen tremendous growth within the local banking sector, and believe the potential continues to remain high for Myanmar to leapfrog traditional payment systems. This opens doors to a financially inclusive infrastructure that will benefit the country's outbound tourism - including local cardholders and international merchants."
Since December 2012 when Visa's payment system was introduced in the country, transactions on Visa cards by tourists accounted for tens of millions (USD) in inbound volume for Myanmar. Currently in Myanmar, Visa cardholders can withdraw cash from more than 450 ATMs, and make payments at more than 750 retail points across the country.
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