Released on: May 26, 2010, 04:51 am
Author: Travelex
Industry: Financial
Travelex has helped holidaymakers and overseas travellers worrying about the risk of running out of foreign exchange, thanks to a clever currency card which sends its owner a free text message alert when it runs low on money.
The service is available to Travelex Cash Passport cardholders, through a partnership with Monitise. Customers who purchase the card will receive a free text message on their mobile phone when the cards credit drops below £100. Customers can then call Travelex, 24 hours a day, seven days a week, go online or visit a branch to reload their card with more money.
The new service is free and comes with all new MasterCard Cash Passports and, as long as the customer registers their mobile number at the point of purchase, can be used abroad straightaway.
Mark Horgan, Managing Director of Card and Mobile Payments at Travelex said, "When you're abroad the last thing you want to worry about is running out of foreign currency."
"Our customers already use an online and telephone balance enquiry service and, with the holiday season looming, we're pleased to offer this new SMS service to help them relax and unwind. And many foreign ATMs also offer balance enquiry facilities too."
Alastair Lukies, Chief Executive Officer of Monitise, added, "We are delighted to help holiday makers and business travellers relax through quick and worry-free management of their travel budgets."
The low balance text alert service has been launched in the UK for all new Cash Passport currency cards and will be rolled out to Europe and Asia Pacific at a later date.
The new services are part of a global product upgrade programme by Travelex, which includes adding 'chip & PIN' technology and making the Cash Passport more accepted worldwide through an alliance with MasterCard.
Travelex has already issued 400,000 Cash Passports in the UK and from May 2010 the new Cash Passport services will automatically be available to all UK MasterCard Cash Passport cardholders. The new service is available in seven currencies including the US dollar and euro and provides a way to carry money abroad, make purchases or withdraw cash without incurring overseas usage charges.
- ENDS -
About Travelex:
Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in six regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.
As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers, it provides products including its prepaid travel card to millions of customers every year. Through its world-leading automation, Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering.
About Monitise
Monitise plc (LSE: MONI.L) has created the world's first mobile money networks, which allow customers of multiple banks and mobile operators to perform banking and payment transactions directly from their mobile handset.
For further media information, please contact:
Stuart Disbrey
Bell Pottinger Business & Brand
65 Kingsway
Holborn
London
WC2B 6TD
+44 (0) 20 7861 2495
http://www.cashpassport.com/