Global payments firm Visa has reached an agreement with Telenor Myanmar and CB Bank to provide a Visa Card to CB Bank customers. According to a report in the Myanmar Times, the move came after the Central Bank of Myanmar raised annual credit card interest rates from 13 percent to 20 percent last month. “This new initiative will serve as a catalyst towards creating a cashless society and promote financial inclusion in Myanmar, as more people will have access to finance and credit,” said U Kyaw Lynn, chief executive officer of CB Bank. The new credit card will feature Visa’s contact-less payment technology. The aim is to move Myanmar towards a less-cash society, said Lilian Wang, country manager for Visa Myanmar. The article said that there are currently about 500,000 and 600,000 credit card holders in Myanmar.