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Visa and Myanmar Banks Set to Launch First Visa Multicurrency Travel Prepaid Card

October 31, 2013 Financial No Comments Email Email

Today, Visa announced it is working closely with Myanmar banks to launch the first Visa Multicurrency Travel Prepaid card for Myanmar cardholders to use when traveling overseas.

This upcoming launch will mark another milestone in the country’s financial system, opening the global marketplace to the people of Myanmar who are traveling internationally for business and leisure.

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$, SG$) onto a single card.   Designed to meet the needs of the growing segment of Myanmar nationals who are traveling abroad in record numbers[1], 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, believes 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 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.

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[2].

“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,” added Krobteeranon.

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 USD $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.

Visa Multicurrency Travel Prepaid Card Product Features 

1) 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.

2) 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$, SG$) on a single card.

3)  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 USD 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.


[1] Source: Myanmar Ministry of Hotels and Tourism, August 2013

[2] Source:  The Visa Prepaid Travel Card Survey 2013 is a survey commissioned by Visa. Interviews of 25 minutes were conducted with 2,867 respondents from Malaysia, the Philippines, Singapore, the U.A.E. and Vietnam aged 16-59 years across the student, leisure and business traveller segments. The fieldwork was conducted in November 2012.

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