- Japanese Prime Minister attends Myanmar-Japan Economic Forum
- ACE Group to open representative office in Yangon
- EU not allows Chinese grasshoppers exploiting GSP for Myanmar
- Service centre for BMW cars to be opened in Yangon
- Sumitomo, NEC, NTT to build telecom network in Myanmar
- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
VISA card enter Myanmar financial services sector
Published on Friday, 28 December 2012 11:39
An American multinational service, VISA is available in local banks, Kanbawza and Cooperative Bank (CB bank), according to sources from local private bank communities.
CB bank started the trial operation on four ATMs (Automatic Teller Machine) on December 12 and now VISA cards can use all forty-five ATMs from the bank, a representative from CB bank said in a press conference held in December 21.
“All ATMs from Kanbawza Bank can use VISA cards. Taunggyi, Mandalay, Pyin Oo Lwin and Mrauk-u can use VISA cards. The service charges is 5,000 kyats (about 6 US$) per VISA card,” said Zaw Linn Tun, General Manager of ATM card department, Kanbawza Bank.
ATMs from Kanbawza and CB banks can take out local money with VISA and Plus Sing cards and limited to one million kyats per day. Card holders can take out 300,000 kyats each times and three times a day.
VISA Inc. is planning to use VISA cards in other local banks in addition to CB bank, Kanbawza bank and Myanmar Oriental bank. First phase is to use in ATMs from private banks and second phase is to use in hotels and famous places for foreigners. The company will arrange credit cards to use in Mobile Point of Sales (MPOS), according to statement of VISA Inc.
VISA Inc. is an American Multinational Financial Services and has about 1.8 billion credit card users in about 200 countries.