Travelex, Monitise to Develop Mobile Services
Travelex has announced an agreement with Monitise to launch mobile services for its 1.75m global Cash Passport cardholders. Cash Passport, a prepaid travel money card available in seven currencies, offers a secure and convenient way to carry money overseas. Cardholders can use their Cash Passport to pay for things and withdraw cash, just as they would with any other card, but without charges for use overseas.
Travelex and Monitise are developing an application which can be downloaded to the cardholder’s handset, allowing them to check their balance at any time, reload the card by mobile and also set up other alerts. The service will launch next year with a low balance alert, reminding cardholders to reload.
Mark Horgan, managing director of cards and mobile payments at Travelex commented, “Mobilising our Cash Passport™ is a landmark product development step for us. The prepaid travel card market is growing fast, it is essential that we innovate and bring new, value added services to our cardholders.
“The combination of a secure card serviced from a mobile phone is a powerful proposition which will enable us to grow both our card base and our revenues.”
Alastair Lukies, chief executive officer of Monitise, said, “Our Mobile Money Manager is already the platform of choice for leading banks and financial institutions globally and we are delighted to be chosen by Travelex to mobilise their Cash Passport™.
“Enlightened companies like Travelex understand that cards and handsets, far from being competitors in the payments space, are extremely complementary; customers can only benefit.”
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