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BCEL launches latest product
Banque Pour Le Commerce Exierieur Lao (BCEL) has unveiled its latest product – an ATM card that can be used in other countries.
BCEL General Managing Director Mr Sonexay Sitphaxay said the BCEL UnionPay card was launched in early July. “So far, we have issued about 20,000 UnionPay cards. We expect to issue many more of the cards because of the convenience and benefits they provide.”
“The UnionPay card is a domestic ATM card that can be used around the world. The monthly fee for the card is the same as other ATM cards; however, the benefits are greater.”
Mr Sonexay said BCEL clients can replace their existing ATM card with a UnionPay card at no cost.
“One special feature of the card is that even though a client has an account in kip, when they use the card in another country they will receive funds in the currency of the country they are in,” he said.
“This feature really makes payment easy and means people don't need to exchange money when abroad,” he added.
The card is accepted in about 120 countries around the world. “The UnionPay card is used similarly to a VISA branded card.”
Clients can use the card to pay for goods and services wherever a UnionPay symbol is displayed. “They also can withdraw cash overseas using the card.”
Mr Sonexay said that the card can also be used to make purchases at some destinations in Laos. “However, this practice is uncommon because Lao people still prefer using cash instead of a debit or credit card.”
Use of debit and credit cards in Laos is expected to increase in coming years. “We believe our card will become more popular when people realise that it is much more convenient and safer than using cash, especially when travelling abroad,” said Mr Sonexay.
“Additionally, the UnionPay card can also be used to buy goods online at certain Internet sites.”
BCEL signed an agreement with the Bank of China to launch the UnionPay card in Laos on July 1 this year.
According to the official website of UnionPay, established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People's Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
vientiane times
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