Axis Bank travel currency card volume crosses $2 bn mark

Private sector lender, Axis Bank today said sales and usage volumes for its travel currency card used for international travel have crossed USD 2 billion.

In a statement issued here, the bank claimed it holds 48 percent market share in the segment currently and that this is the first time anywhere in the world that any bank has crossed USD 2 billion in sales for such a card.

The city-based bank said the product, launched in 2003 crossed, had surpassed the USD 1 billion mark in 2009.

The card allows users the ability to top-up money in 11 currencies by paying in rupee terms. The money is converted to the international currency of choice at the prevailing exchange rate and customers can use it for transactions abroad, the statement said.

Source: Financial Express