More Travelers Taking Advantage of Prepaid Cards

Along with low rates, prepaid cards also carry a security feature – they are chip-based and come with a back-up card.  So there is no fear of being stranded abroad without any credit.

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“There was a 27 percent growth in card volumes for CentrumDirect year on year. About half a million cards have been issued so far,” Guruprasad said.

Currently, CentrumDirect issues their cards through an online portal as an authorized dealer through a couple of banks.

“The market size for prepaid forex cards is around $2 billion,” Guruprasad said. “About 70 percent of this gets spent abroad while the rest is exchanged back in India.”

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