Pay up front Visa cards in Myanmar

31 Oct 2013  2038 | World Travel News

Visa announced, Wednesday, it is working closely with Myanmar banks to launch the first Visa multi-currency travel prepaid card for Myanmar cardholders to use when travelling overseas.
This upcoming launch will mark another milestone in the country’s restoration of its financial system. It should open the global marketplace to citizens planning business or leisure trips.
The Visa multicurrency travel prepaid card will be a first of its kind in the country allowing cardholders to load up to three currencies (Euro, US$, SG$) on to a single card.
It can be used for overseas transactions anywhere Visa is accepted including cash withdrawals at ATMs.
Visa country manager, Myanmar and Thailand, Somboon Krobteeranon said: “This progress is the result of a partnership between Myanmar banks and Visa to modernise payments for the people of Myanmar.”
“We believe potential remains high for Myanmar to leapfrog traditional payment systems and develop a financially inclusive infrastructure that will benefit the whole country.”
Visa research shows that a majority of business travellers prefer paying with a card when travelling 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.
Since December 2012 when Visa’s payment system was introduced in the country, transactions on Visa cards by tourists, inclusive of ATM withdrawals, have accounted for US$$15 million. Today in Myanmar, Visa cardholders can withdraw cash from more than 250 ATMs, and make payments at more than 600 retail points across the country.
There are still short comings in the systems and the majority of tourism related services and even hotels are still slow to adopt credit card payments after decades of cash business.

Sourced: ttrweekly

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