Alternative Finances

More Travelers Taking Advantage of Prepaid Cards

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.”

 

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

Click to comment

TRENDING RIGHT NOW

To Top