In close collaboration with Myanmar banks, Visa will soon provide further convenience to Myanmar nationals who are travelling abroad.
Visa said it will soon launch in Myanmar a Visa Multicurrency Travel Prepaid card, a new “payment innovation” that will allow cardholders to load up to three currencies—Euro, US dollar, and Singapore dollar—onto a single card and use this for overseas transactions where Visa is accepted.
Visa said the prepaid card will be the first in the country and will help in “opening the global marketplace to the people of Myanmar who are travelling internationally for business and leisure.”
Aside from locking foreign currency exchange rates to avoid fluctuations before travelling, the card also allows loads of up to US$5,000.
“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,” said Somboon Krobteeranon, Visa country manager, Myanmar and Thailand.
With the introduction of the Visa’s payment system in Myanmar, transactions on Visa cards by tourists since December 2012 have accounted for US$15 million. This is inclusive of automated teller machine (ATM) withdrawals.
At present, Visa cardholders in Myanmar can withdraw cash from more than 250 ATMs, and make payments at more than 600 retail points across the country.
Visa said the travel prepaid card is safer than carrying cash or traveller’s cheques. Card holders are required to sign when making purchases and need a PIN to withdraw cash from ATMs.
“This progress is the result of the vision and partnership between Myanmar banks and Visa to modernise payments for the people of Myanmar,” Krobteeranon said. “Visa will continue collaborating with Myanmar banks to enable the introduction of additional payment products in the future,” he added.
Visa said the prepaid card allows users to better manage their expenses. Transactions and statements can be monitored online.
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