According to T.C.Guruprasad, CEO & Managing Director, CentrumDirect Ltd, more travelers are using prepaid cards in order to avoid the high rates.
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.
“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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