NEW YORK, NEW YORK–(Marketwire – Dec. 6, 2010) – Today, Travelex, the world’s largest non-bank foreign exchange currency provider, introduced America’s first prepaid foreign “currency cards” available in Euros and British Pounds that utilizes chip & PIN technology.
Travelex’s new chip & PIN Cash Passport™ MasterCard revolutionizes the way Americans carry foreign currency abroad, providing technological compatibility with overseas merchants that have migrated towards chip-based transactions. The new Travelex card requires a Personal Identification Number (PIN) to complete chip-based transactions, offering a safe and convenient alternative to cash, ATM or credit cards. Additionally, the card is PIN and signature protected and is not connected to the cardholders’ bank account, thereby minimizing the risk of identity theft in the event the card is lost or stolen. The card will also still include a traditional magnetic stripe, for those merchants not yet using chip & PIN technology.
“There is a growing demand from the American traveler for technology compatible with what merchants are utilizing abroad,” said Jon Dario, president of Travelex Currency Services Inc. “Much of the global market has already moved away from magnetic-stripe cards. Travelex’s new chip & PIN cards offered in Euro and British Pound Sterling will provide the same level of technical compatibility for U.S. travelers that many other international travelers currently enjoy.”
Chip & PIN technology is universally used throughout major European markets such as the United Kingdom, France and has recently become the standard in Canada. The chip & PIN system has already proved to reduce fraud in many European countries.
Travelex’s chip & PIN Cash Passport™ allows leisure travelers to pre-load travel money onto a reloadable card for convenient use in millions of ATMs, shops and restaurants worldwide where MasterCard is accepted.
Cash Passport can be loaded and reloaded with a choice of two currencies: Euro and British Pound Sterling. In addition, the Cash Passport comes with 24/7 Global Emergency Assistance and can be replaced within 24 hours if lost or stolen.
For more information on Travelex or to locate a Travelex retail store to purchase the new Travelex chip & PIN Cash Passport, visit www.us.travelex.com.
Travelex is the world leader in the foreign currency exchange business, with more stores, more airport relationships, and more annual transactions than any competitor. Travelex has more than 700 retail stores across 30 countries at key airport, seaport, rail and tourist locations. Travelex is also one of the world’s leading providers of outsourced travel money to banks, credit unions and travel agents. Among the company’s innovative services is Cash Passport™, which allows users to pre-load their travel budget onto a convenient card for safe and convenient use in millions of ATMs, shops, and restaurants worldwide. Cash Passport is PIN and signature protected and is not connected to the user’s bank account, thereby minimizing the risk of identity theft due to the loss or theft of a Cash Passport.
The Euro and British Pound Cash Passports is issued by West Suburban Bank®, pursuant to license by MasterCard International.