Visa unveils groundbreaking medical debit card with BRAC Bank PLC

The launch ceremony occurred recently at BRAC Bank PLC's Head Office in Tejgaon. It was attended by Md Mahiul Islam, Deputy Managing Director and head of Retail Banking at BRAC Bank PLC; Sabbir Ahmed, Visa's Country Manager for Bangladesh, Nepal, and Bhutan; and other officials from both organisations.

Bangladesh residents 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 the medical quota is usually challenging for users. To address this gap, Visa and BRAC Bank PLC have launched the Medical Debit Card, which enables citizens to utilise medical quotas in a dual-currency debit card seamlessly.

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 the medical expense needs of our fellow citizens. With this medical debit card, those planning to travel or with 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 in times 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 how travellers can manage their healthcare expenses when travelling abroad. People can directly access funds from their bank accounts for treatments, boarding, and lodging without facing additional roadblocks and challenges. The cardholders will also get discounts and offers on overseas medical treatment.

Medical travel continues to be essential for many Bangladeshi citizens, with key destinations in India, Singapore, and Thailand. While India continues to be the primary medical tourism destination, current challenges have prompted interest in and affinity for other nearby countries like Singapore and Thailand. The Medical Debit Card initiative will strengthen cross-border spending and promote broader economic activity by streamlining global transactions.