South Africa’s Absa Bank, a subsidiary of Barclays has launched a Multi-Currency Cash Passport which it says is South Africa’s first reloadable prepaid travel Multi-Currency Card to allow cardholders to load multiple currencies on the same card.
According to Head of Retail Banking Arrie Rautenbach, “Although there are other prepaid travel cards in South Africa, they can only carry one currency at a time. The Multi-currency Cash Passport card has the ability to allow customers to carry foreign exchange loaded with multiple currencies on one card.”
The Multi-Currency Cash Passport representing the future of travel prepaid cards has the global reach of MasterCard® and is accepted at 35.9 million locations worldwide.
Now allowing US dollars, British Pounds, Euro and the Australian Dollars, Absa says more currencies will be added to the Multi-Currency Cash Card at a later stage. Another card, the Islamic Banking Multi-Currency Cash Passport and the first Sharia’h compliant card will be launched by Absa Bank soon to give a unique solution for clients travelling overseas.
The intelligent card chooses the correct currency depending on the country the cardholder is in and automatically updates to that currency’s purse. Like if one travels from US to UK, the British Pound purse becomes active on the card.