News / Press Releases
What has replaced travelers cheques? Prepaid Currency Cards
The main driver of change will be plastic cards dominating consumer payments, with cash and checks declining but not disappearing, at least over the next two decades.
Prepaid Currency and Travel Money Card Growth
The prepaid card market is one of the most dynamic and fastest growing segments of the financial services industry.
Size of the Market
The prepaid card market has exploded in the last few years. While the overall number of cards in circulation remains relatively small, every week, new cards are introduced into the market. Prepaid travel cards are joining credit cards and debit cards in the race to turn paper into plastic.
The ever increasing popularity of prepaid cards continues to draw predictions that plastic money will soon overtake paper money as the most often used form of payment. A study by Mercator Advisory Group indicated that in 2004, US $159 Billion was loaded onto prepaid cards, representing a 24% increase over 2003.
Travel card spending is expected to rise - and travel card benefits add up.
Of the $193 billion that researchers estimate North American companies spend on travel each year, some $120 billion is captured on travel cards. Over 83% of survey participants expect this number to increase over the next five years. According to participants, key drivers of this increase are likely to include the greater convenience, enhanced travel spending data, and other benefits that travel cards deliver. Regardless of these drivers, the report estimates that annual travel spending would increase almost 23% to $147 billion if "low capture" organizations simply adopted policies and procedures similar to those used by the majority of companies surveyed.*
*Source: 2004 Corporate Travel Card Benchmark Survey Results.
The benefits of the Prepaid Currency Card Program - there are no up front costs or annual fees when you sign up for the program. In addition, there is no hardware or software required. Based on the feedback from our agents currently selling currency cards, it will enhance your customer's service experience and allow you to offer them a better product for travel with all of the securities of card benefits.
- A fresh and exciting addition to your product offering
- Quick and simple to sell
- Remain competitive in the marketplace
- Opportunity to upsell and cross sell
- Ease of stock management - no currencies and denominations to contend with
- Prepaid Currency Card issued in USD, EUR, GBP
- Currency Cards are both PIN and signature protected
- Safe and convenient
- Additional cards available in case first card is lost/stolen
- No ID needed to obtain funds
- Convenient and safe way to carry spending money when traveling
- 24-hour access to cash
- Withdraw local funds at ATMs. One card for any currency in the world.
- Accepted at millions of merchants worldwide
Enroll Now
To participate in the Travelex Currency Card Program please contact icbainfo@travelexamericas.com.
Alternatively, you may call
1-866-475-5136 to ask further questions.