Visa card introduced in Myanmar private banks

Visa cards have been introduced at two private banks in Myanmar starting from Friday in a bid to facilitate foreign travelers in domestic payment, local media reported Saturday. The two Myanmar private banks are Kanbawza Bank and Cooperative Bank (CB), said the Voice News. Tourists and business travelers with visa card are now be able to withdraw money in local currency (Kyat) at 37 automatic teller machines (ATM) of Kanbawza bank and 45 ATMs of CB bank. The service charge for each withdrawal is 5,000 kyats (5.95 U.S. dollars). Visa cards will be able to be used at ATMs of Myanmar Oriental Bank in January. In November, MasterCard was introduced as the first operational international electronic payment card in Myanmar with the first ATM installed in the country. At present, 17 private banks have participated in the Myanmar Payment Union (MPU) program and all private banks would join soon. There are a total of 19 private banks and four state-owned banks in Myanmar. The move-in of the international bank cards came after the United States eased some financial sanctions on Myanmar.