Visa to Launch Multicurrency Travel Prepaid Card in Myanmar

Visa is working closely with Myanmar banks to launch a Multicurrency Travel Prepaid card for Myanmar cardholders to use when traveling overseas.

The Visa Multicurrency Travel Prepaid card will allow cardholders to load up to three currencies (Euro, US$, Sin$) onto a single card.

Designed to meet the needs of the growing segment of Myanmar nationals who are traveling abroad in record numbers, the card 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, Myanmar and Thailand, said, “This progress is the result of the vision and partnership between Myanmar banks and Visa to modernize payments for the people of Myanmar. 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.

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.

Features of the Visa Multicurrency Travel Prepaid Card include:

- Ability to Lock in Exchange Rate before Travel: Avoid fluctuating exchange rates with the card by locking in foreign currency exchange rates before you travel.

- Multicurrency Capabilities: With the Visa Multicurrency Travel Prepaid card, travelers can leave their cash at home and load up to three different currencies (Euro, US$, Sin$) on a single card.

- Safer than Cash: The Visa Multicurrency Travel Prepaid card is a secure way for Myanmar nationals to carry their funds when travelling abroad for business, holiday or education. Cardholders can load up to US$ 5,000. It is a reloadable card with Chip and PIN protection. The cardholder’s signature is required to make purchases and a PIN is required when withdrawing cash from ATMs.

- Better Manage Personal Expenses: The Visa Multicurrency Travel Prepaid card is also a good way to manage spending because cardholders can easily keep track of their load balances, view transaction details and statements online.