Visa to launch multi-currency prepaid card for Myanmar nationals

Visa to launch multi-currency prepaid card for Myanmar nationals

SINGAPORE - Myanmar nationals can soon make payments overseas with a Visa pre-paid card that can contain up to three currencies.

First of its kind in Myanmar, the Visa Multicurrency Travel Prepaid card can hold Euro, American and Singapore currencies, with a maximum top up value of US$5,000 (S$6,200). This method will allow Myanmar travellers to have greater ease in making transactions overseas at vendors who accept Visa.

Mr Somboon Krobteeranon, Visa Country Manager, Myanmar and Thailand, said it is critical to provide payment innovations for Myanmar travellers to use abroad.

Visa is currently working closely with Myanmar banks to introduce this payment system. One of the perks of using this card is allowing the cardholder to lock in the exchange rate before travelling, and avoid fluctuating rates. The card can also help them better manage their personal expenses.

As a form of security, the cardholder has to personally sign for purchases and also key in a PIN number when withdrawing cash from ATMs.

According to a survey done by Visa in 2012, prepaid cards are preferred by holiday makers due to their convenience. They can be used to withdraw cash at ATMs, make payments in stores and online. The research also said a majority of business travellers prefer to use cards while paying as it is safer than carrying cash or travellers cheques.

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