Kanbawza Bank (KBZ) launched its Union Pay International Credit Card with China-based Union Pay International (UPI) on Tuesday.
With two versions — a Classic Card and a Platinum Card — the KBZ Union Pay cards can be used at more than 7,000 shops across Myanmar and at over 35 million stores in 160 countries around the globe. Union Pay’s global payment network also allows eligible customers to purchase goods and services online and to withdraw cash up to a predetermined limit.
“With the motto of ‘For Your Perfect Moment’, Union Pay International Credit Card is the new product which will fulfill wishes of the people”, said U Aung Kyaw Myo, Managing Director of KBZ Bank, in his opening remarks at the launch ceremony for the Union Pay International Credit Card.
With its new products, bank branches and expanding services, KBZ is assisting conglomerates and development SMEs in Myanmar while providing the ministries with payroll services with the KBZ Explore Debit Card (ATM) system, he added.
The launching ceremony was attended by U Set Aung, Vice Governor of the Central Bank of Myanmar, Director-General of the CBM U Win Thaw, Chairman of KBZ Bank Ltd U Aung Ko Win, executive directors Daw Nang Lang Kham and Daw Nang Kham Naung, personnel from KBZ and Chief Cooperation Officer of UnionPay International Mr David Lees. Customers can use the cards, which are enabled with a smart chip and PIN for added security, at all Myanmar ATMs and at all Union Pay participating outlets, including online.
In addition, Union Pay’s Asia Prestige Program allows access to VIP airport lounges around the world and to lounges at 20 railway stations in China. The card also allows the option of buying travel insurance. KBZ has called on customers to use the cards responsibly, as credit is different from debit, offering advice through its branches and call centres, and has begun an online campaign on how to be smart with a credit card.—Thura Lwin (Eco)