Visa and CB Bank in Myanmar Launch EASI Travel Card

Visa and CB Bank have launched the CB Bank EASI Travel Visa card for Myanmar cardholders to use when traveling overseas.

The card can hold up to three currencies (Euro, US$, SG$) at one time, and is designed to meet the needs of the growing segment of Myanmar nationals who are traveling abroad in record numbers.

It 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 for Myanmar and Thailand, said, “This latest development is the result of the vision and leadership of the Central Bank of Myanmar and CB Bank to modernize payments for the people of Myanmar. In the past year, we’ve seen tremendous growth within the local banking sector, and believe the potential continues to remain high for Myanmar to leapfrog traditional payment systems. This opens doors to a financially inclusive infrastructure that will benefit the country’s outbound tourism – including local cardholders and international merchants.”

Since December 2012 when Visa’s payment system was introduced in the country, transactions on Visa cards by tourists accounted for tens of millions (US$) in inbound volume for Myanmar.

Currently in Myanmar, Visa cardholders can withdraw cash from more than 450 ATMs, and make payments at more than 750 retail points across the country.

The CB Bank EASI Travel Visa card:

Holds up to three currencies on a single card: Euro, US$, SG$
Cardholders can load a minimum of US$50 to maximum of US$5,000
One-time card fee of 8,000 Kyat (approx. US$8.00)

Mr. Kyaw Lynn, Executive Vice Chairman and CEO of CB Bank added, “CB Bank continues to be a leader in the electronic payments sector in Myanmar and we are pleased to be able to collaborate with Visa to launch this multicurrency travel prepaid card. While our country is opening up to the world, the world is also opening up to our countrymen and we’re seeing more and more local travelers abroad. We are so glad to introduce this travel Visa prepaid card to help make their travels safe and hassle-free without the worries of carrying large amounts of cash. This card can be used in ATMs, POS and online shopping or e-Commerce by the cardholders.”