Myanmar-based lender United Amara Bank (UAB) has rolled out three new Visa-branded credit cards – Classic, Gold and Platinum – in the country.
The bank said that it will issue more than 15,000 credit cards by the end of 2017.
Customers who are aged 21 and older and earning a minimum of MMK300,000 ($221.7) per month can avail Classic card.
To obtain the Gold credit card, the customers’ minimum income should be MMK1m ($739), where as Platinum cardholders should have a monthly income of MMK2m ($1,478).
The new cards can be used for shopping at over 44 million Visa merchants in 200 countries, including 7,000 in Myanmar.
Featuring Visa payWave technology, the new cards can be used to make contactless payments. Additionally, the cardholders can withdraw money at ATMs with Visa logos in Myanmar and across the world.
United Amara Bank CEO Christopher Loh said: “We are aiming to issue more cards, depending on the market demand. The market is still very young, and a number of exciting things have been planned. Hopefully you will see more and more products in the coming months.”
“With the launch of the cards, our customers can now shop and travel with UAB, giving them the convenience of cashless payments and many discounts and benefits with participating merchants both locally and overseas.
“These cards are designed to help the customer get more benefits not available when using cash for payments. The cards also have special features for fraud prevention and features to avoid the card getting worn out with regular use.”