Visa (NYSE: V), the global leader in digital payments, has introduced the country’s first Medical Debit Card in partnership with BRAC Bank PLC. This card will offer unparalleled simplicity of use and access to funds for international medical expenses, according to press release.
The launch ceremony occurred on December 23, 2024, at BRAC Bank PLC Head Office, Tejgaon. It was attended by Md Mahiul Islam, Deputy Managing Director, Head of Retail Banking, BRAC Bank PLC; Sabbir Ahmed, Country Manager, Bangladesh, Nepal, and Bhutan, Visa; and other officials from both organizations.
The individuals resident in Bangladesh get two distinct annual cross-border spending quotas: US$12,000 for general international spending and an additional US$10,000 for medical purposes. However, accessing and managing medical quota is usually challenging for users. To address this gap, Visa and BRAC Bank PLC have launched the Medical Debit Card and enable citizens to seamlessly utilize medical quotas in a dual-currency debit card.
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On this occasion, Sabbir Ahmed, Country Manager, Bangladesh, Nepal, and Bhutan, Visa, commented, “Medical travel is crucial for the people of Bangladesh. We are delighted to partner with BRAC Bank PLC to introduce a first-to-market, transformative product to address medical expense needs of our fellow citizens. With this Medical Debit Card, those planning to travel or medical reasons can access their quota through an easy-to-use debit card. With the convenience of debit cards and the trust of two trusted brands, this solution underscores our dedication to empowering consumers with innovative payment solutions to simplify their medical tourism journeys.
Md. Mahiul Islam, Deputy Managing Director and Head of Retail Banking of BRAC Bank, said: “We are proud to launch the country’s first Medical Quota Debit Card in partnership with Visa facilitating smooth payment for customers travelling abroad for treatment. This first-of-its-kind Medical Debit Card reflects our commitment to enhancing the banking experience for our customers, especially at time of emergency healthcare needs. This card is designed to provide them with a seamless and convenient way to manage their overseas medical expenses without exhausting their annual travel quota. This initiative comes as uplifting values of the bank touching lives through need-based banking solutions.”
The card will provide significant advantages over prepaid cards, which traditionally have limited fund accessibility and functionality. Recently, dual currency debit cards have become popular in the country and this innovative Medical Debit Card will change the way travelers can manage their healthcare expenses when traveling abroad. People will be able to directly access funds from their bank accounts for treatments, boarding, and lodging without facing any additional roadblocks and challenges. The cardholders will also get discounts and offers on overseas medical treatment.
Medical travel continues to be important for many Bangladeshi citizens, with key destinations being India, Singapore and Thailand. While India continues to be the primary medical tourism destination, current challenges have prompted interest in and affinity to other nearby countries like Singapore and Thailand. The initiative of the Medical Debit Card will strengthen cross-border spending and promote broader economic activity by streamlining global transactions.
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