CB Bank, Telenor launch new Visa card

Telenor Myanmar, CB Bank and Visa last week launched a new CB-Telenor Visa card in Myanmar, days after the Central Bank of Myanmar on April 24 raised annual credit card interest rates to 20pc from 13pc to put a lid on runaway credit card debt.

Nevertheless, the companies believe this will appeal to a growing middle-class and open up new avenues for more to gain access to financial services.

“This new initiative will serve as a catalyst towards creating a cashless society and promote financial inclusion in Myanmar, as more people will have access to finance and credit,” U Kyaw Lynn, Chief Executive Officer of CB Bank, said in a statement.

The CB Telenor Visa card is the first ever collaboration in Myanmar between a local bank and a telecom operator. The new credit card will also feature Visa’s contactless payment technology, which will encourage the use of electronic payments and and [drive] Myanmar towards a less-cash society, said Lillian Wang, Country Manager for Visa Myanmar.

Holders of the new credit card will be able to use it at more than 53 million merchant locations worldwide, including for online shopping and hotel bookings.

Currently, there are between 500,000 and 600,000 credit card holders in Myanmar, 20pc-25pc of which incur late payment charges, U Zeyar Aung, head of card department of CB Bank, told the Myanmar Times last month.

CB Bank, the first bank in Myanmar to introduce credit cards in early 2017, has about 50,000 credit card users. A quarter of these users fail to repay their credit card bills within the deadline, U Zeyar Aung said.

The bank will decide on who qualifies for the new CB-Telenor Visa credit card based on each applicant’s eligible limit and in accordance with Central Bank guidelines.

Source: Myanmar Times

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