Visa and CB Bank launch multicurrency visa travel prepaid card in Myanmar

YANGON – Visa and CB Bank launched the CB Bank EASI Travel Visa card for Myanmar cardholders to use when traveling overseas. This marks 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 offers ultimate convenience and security. The card can hold up to three currencies (Euro, US$, SG$) at one time, and is designed to meet the needs of the growing segment of Myanmar nationals who are traveling abroad in record numbers. It can be used for overseas transactions anywhere Visa is accepted - at tens of millions of merchants, either online or in-store, as well as to withdraw cash at 2 million ATMs worldwide.

Mr. Somboon Krobteeranon, Visa Country Manager for Myanmar and Thailand, believes today’s announcement ushers in a new era for Myanmar, allowing locals to make payments abroad with greater peace of mind, without having to worry about bringing cash or coins on their travels.

“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. 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.”

Mr. Kyaw Lynn, Executive Vice Chairman and CEO of CB Bank said, “CB Bank continues to be a leader in the electronic payments sector in Myanmar and we are pleased to be able to collaborate with Visa to launch this multicurrency travel prepaid card. While our country is opening up to the world, the world is also opening up to our countrymen and we’re seeing more and more local travelers abroad. We are so glad to introduce this travel Visa prepaid card to help make their travels safe and hassle-free without the worries of carrying large amounts of cash. This card can be used in ATMs, POS and online shopping or e-Commerce by the cardholders.”

Visa research has shown that a majority of business travelers prefer paying with a card when traveling because it’s safer than carrying cash or travellers cheques. Leisure travelers 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 locals. Visa will continue collaborating with Myanmar banks to enable the introduction of additional products like Visa Debit and Credit cards, and mobile payment innovations in the future,” added Krobteeranon.

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.

Sourced: TravelDailyNews