Turkmenistan to stop production of Visa Electron cards

ICT Materials 11 April 2019 10:47 (UTC +04:00)

Ashgabat, Turkmenistan, April 11

By Huseyn Hasanov– Trend:

The State Bank for Foreign Economic Affairs of Turkmenistan will stop issuing and replacing Visa Electron payment cards from April 13, Trend reports with reference to the bank.

Visa Electron payment cards that are already in the client base will be valid until the expiration date.

Visa Classic and Visa Gold cards remain available.

The Central Bank of Turkmenistan earlier said that the number of issued bank cards of international payment systems Visa and MasterCard is growing in Turkmenistan. These cards allow making payments for the education of young people abroad and for personal expenses.

“The development of a cashless payment system in the national economy of Turkmenistan aims at modernizing the country’s settlement system, its reaching the international level and also providing modern services to the population, allowing for rational use of both time and money, as well as providing convenience, speed and comfort during calculations,” the report said.

In 2017, the State Bank for Foreign Economic Affairs of Turkmenistan established a quota for daily use of funds on international payment cards.

The measures were taken “as part of preventing the misuse of foreign currency by international plastic cards, based on the approved standards for daily expenses of persons staying abroad.”

The Turkmen citizens who want to pay for the services of hotels, medical institutions, educational institutions, as well as for air and railway tickets can take advantage of the possibility of international transfers through bank accounts in the banks of Turkmenistan.