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Bank teams up with Visa, MasterCard
Phongsavanh Bank launched Visa and MasterCard credit card services on Monday after developing a system to use the card and a fully-fledged credit card centre.
“We commit to implement financial and resource investments successfully after being granted principle membership by Visa and MasterCard,” said the bank's Managing Director Ms Sengdao Bouphakonekham.
However, the bank is still young and lacks experience in this business, so it requires special skills and certain technical expertise to achieve this objective.
“We are able to achieve initial success because of a high tech platform card management system developed by a company from Malaysia and support from Visa and MasterCard,” Ms Sengdao said.
“We are aiming for a leading position in the international credit card market in Laos.”
The bank's card centre was established in 2009, with the initial objective of Visa and MasterCard acquiring businesses. It went live with Visa acquiring in January last year and MasterCard last June.
MasterCard Asia Pacific Pte Ltd Country Manager for Indochina, Mr Antonio Corro, said the collaboration with Phongsavanh Bank gives MasterCard a great opportunity to introduce the experience of an easier, faster, and more secure payment process to Laos.
With more than 22 billion financial transactions each year, MasterCard enables consumers to make purchases instantly, any time, almost anywhere, in both the virtual and real worlds.
In 2010, MasterCard's gross dollar volume in South East and Southern Asia grew 25 percent, hitting US$135 billion with Indochina as an emerging market.
“Laos will see more exciting card products in the future. The card programme will resonate well with Lao people and the programme will be a success,” Mr Corro said.
VISA International (Asia Pacific) LLC Country Manager of Vietnam, Cambodia, and Laos, Ms Lorijon Bacchi, said “Globally, there is a shift from using cash and checks to electronic payments and Visa believes that access to electronic payments is vital for building economic growth.”
Ms Lorijon said between 2003 and 2008, the steady migration to cards has boosted global GDP by 0.79 percent and increased card usage has added 1.9 percent to consumption in emerging markets.
Electronic payments also help businesses reduce transaction costs associated with handling cash. Phongsavanh Bank will join Visa's network of over 15,700 financial institutions worldwide and access Visa's products and services to create a strong, sustainable and profitable business.
Phongsavanh Bank will offer consumers new payment options and cardholders will have secure access to funds in more than 200 countries and territories worldwide.
“There are currently some 1.85 billion Visa cardholders worldwide who rely on Visa to make payments,” Ms Lorijon said.
vientiane times
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