With introduction of the new Visa credit cards by KBZ Bank and Visa, customers will be able to use the card at more than 40 million outlets that accept Visa worldwide.
Kanbawza Bank (KBZ), in partnership with Visa, the US global payments technology company, introduced two new credit cards on Wednesday, the first cards denominated in kyats, which will enable cardholders to buy goods at more than 40 million merchants in Myanmar, abroad and online.
The two types of Visa credit cards, Visa Classic and Visa Platinum, are equipped with both with Visa payWave contactless technology, allowing cardholders to “tap and pay” at Visa payWave-enabled point-of-sale terminals without the need of a signature for payment, in addition to the usual “swipe” or “insert” payment methods. The platinum card has higher spending and credit limits than the classic card.
The launching ceremony for the news credit cards was held at Melia Hotel in Yangon, with Director-General of the Central Bank of Myanmar Daw Thida Myo Aung, Chairman of KBZ Bank U Aung Ko Win, executive directors Daw Nang Lang Kham and Daw Nang Kham Naung and Group Country Manager, Southeast Asia, Visa Mr Rajiv Ramanathan.
Customers will be able to use the card to make purchases online or around the world at more than 40 million outlets that accept Visa worldwide, including 7,000 in Myanmar, and to withdraw cash up to a certain limit determined individually.
“Today is the beginning of an exciting new era of a cashless society. We fully believe that the KBZ Visa Credit Card will certainly contribute to development of the socio-economy of the people of Myanmar and boosting the country’s economy,” said U Than Cho, Vice-Chairman-2 of the KBZ Bank.
KBZ Bank has encouraged customers to use the cards responsibly, promising that it will be on hand to offer advice through its branches and call centres.
It is also running its #KBZCreditSmart campaign on how to be responsible with credit cards and maximise the benefits offered through their proper use. This communications platform designed by the bank educates customers on how to avoid debt and get the most value from their card.
If people pay back their entire balance on time, they will not incur any interest or late payment fees.
KBZ Bank, the Myanmar’s largest taxpayer for five consecutive years, has achieved several awards for banking awarded by international institutions from 2013 to 2016. It has opened its representative offices in Thailand, Singapore and Malaysia.
With establishment of the KBZ Brighter Future Myanmar Foundation, the bank has carried out philanthropic works nationwide, especially, in education, health, social and disaster preparedness and rehabilitation sectors.