State Bank of India launches multi-currency travel card

State Bank of India and MasterCard announced launch of a multi- currency foreign travel card that will be available through identified State Bank branches. The card is available in both retail and corporate variants will allow the consumers to pay conveniently in multiple currencies. It will initially be available in four currencies—USD, GBP, Euro and SGD and eventually be made available in all major currencies.

It's a prepaid and reloadable card with 24/7 access to balance and transaction history online or via the dedicated customer service centre. The card also gives free access to exclusive benefits and offers around the world, which are unique to MasterCard members.

Speaking on the launch, S K Mishra, Deputy Managing Director (Corporate Strategy and New Business) State Bank of India said, "Outbound travel from India is growing at a rapid pace, with 35 million people travelling outside India. This is expected to grow to 50 million in 2020. Consumers expect smart payment products to address their travel needs and Multi-currency Foreign Travel Card provides customers both ease and choice."

Presently, the card can be issued, reloaded and refunded at 100 selected branches of Mumbai, Delhi, Chennai and Bangalore Circles and can be loaded in any or all of the four currencies. "The number of branches and currencies will be increased going forward," added Mishra.

MasterCard's Multi Currency Card is one of the most advanced multi-currency programs in India. While the opportunity and need was apparent, our next step was to find the right partnership for this project. SBI was a natural choice, keeping in mind their strength and capabilities to provide this initiative with the required back-end support and infrastructure," said Ari Sarker, Divisional President, MasterCard Worldwide, South Asia.

The card is Chip and Pin based and provides global emergency assistance services like complimentary card replacement, cash delivery, medical and lawyer assistance services, besides providing online account management services and 24 hours call centre support.

"The product is backed by MasterCard's powerful acceptance network of over 35.9 million merchant establishments and 1.9 million ATMs worldwide," added Sarker.

Source : Economic Times