Visa signs licensing pact with three banks
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US-based Visa Inc signed a licensing agreement with three local banks on Saturday to officially launch its credit card services in Myanmar.
Peter Maher, Visa’s group country manager for Southeast Asia and Australia-Asia, said Visa has chosen Kanbawza Bank, Myanmar Oriental Bank and Co-Operative Bank based on their enthusiasm and interest.
The local banks will be able to provide Visa card services through ATM networks and point-of-sale terminals.
Maher said the corporation will work on preparing Myanmar for the Visa cards, which are expected to be released within three or four months.
After it has been launched, international travellers will be able to use Visa credit cards, debit cards, and prepaid cards.
“The foreigners using a Visa card will be able to withdraw Myanmar kyats from the ATM machines… at current exchange rates,” said Than Lwin, the vice-chairman of Kanbawza Bank.
The license agreement between Visa Inc. and the three local banks is a major development for Myanmar as it prepares to host the Southeast Asian Games and East Asia World Economic Forum in 2013, and take over the Asean chairmanship in 2014.
An official from Visa said only foreigners will be able to use the cards after its release. The corporation will arrange for locals to use the cards in the future, but he was not able to give a specific date.
