Foreign exchange currency provider Travelex is
set to launch the US’ first chip and PIN prepaid foreign currency
cards available in Euros and British Pounds.
Travelex’s chip and PIN MasterCard ‘Cash
Passport’ will allow US travellers to transact with overseas
merchants that have migrated towards chip-based transactions. The
card will also still include a traditional magnetic stripe for
those merchants who have not migrated to the standard.
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“There is a growing demand from the American
traveller for technology compatible with what merchants are
utilising abroad,” said Jon Dario, president of Travelex Currency
Services.
“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 US travellers that many
other international travellers currently enjoy.”
Travelex claims as the card is PIN and
signature protected and is not connected to the cardholders’ bank
account, the risk of identity theft in the event the card is lost
or stolen is minimal.
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By GlobalData
