MasterCard, has launched its Multi-currency Cash Passport application giving its users ability to easily transfer money between purses, review transactions, and track their spending on their phone.

The app also uses the mobile phone’s GPS to inform users where to find the closest ATM should they need to withdraw money.

The Multi-currency Cash Passport can be loaded with currency before departure and while travelling with one or more of the four available currencies including US Dollars, Great British Pounds, Euros, and Australian Dollars. The cardholder can use the card to pay for goods and services at millions of merchant locations or withdraw cash from ATMs wherever the MasterCard Acceptance Mark is displayed.

“The application makes it convenient for users to keep control of their payments abroad, as it holds all the information that they need about their Multi-Currency Cash Passport,” says Rajeev Kumar, General Manager, Access Prepaid Worldwide, Middle East and Africa, MasterCard.

The Multi-currency Cash Passport also helps travellers lock-in the exchange rate for each currency so they can budget and is available from ABSA, FNB and  of American Express Foreign Exchange branches.