Visa Set to Launch Multicurrency Travel Prepaid Card

American payment network giant Visa said it is working closely with Myanmar banks to launch the first Visa Multicurrency Travel Prepaid card for Myanmar cardholders to use when travelling overseas.
Visa said the upcoming launch will mark another milestone in the country’s financial system, opening the global marketplace to the people of Myanmar who are travelling internationally for business and leisure.
The Visa Multicurrency Travel Prepaid card will allow cardholders to load up to three currencies (Euro, US dollar, SG dollar) onto a single card. The card can be used for overseas transactions anywhere Visa is accepted, or to withdraw cash at about two million ATMs worldwide.
The card also allows locking in exchange rates before travel to avoid currency fluctuations. Cardholders can load up to $5,000, while the card is reloadable with chip and PIN protection.
Somboon Krobteeranon, Visa Country Manager, Myanmar and Thailand, said it is critical to provide payment innovations for Myanmar travellers to use abroad.
“This progress is the result of the vision and partnership between Myanmar banks and Visa to modernise 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.”
According to a Visa survey, the majority of business travellers prefer paying with a card when travelling because it’s safer than carrying cash or travellers’ cheques, while leisure travellers 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 the people of Myanmar. Visa will continue collaborating with Myanmar banks to enable the introduction of additional payment products in the future,” Krobteeranon said.
Since December 2012, when Visa’s payment system was introduced in Myanmar, transactions on Visa cards by tourists, inclusive of ATM withdrawals, have accounted for $15 million, Visa said.
Visa cardholders can withdraw cash from more than 250 ATMs in Myanmar, and make payments at about 600 retail points across the country.