Mastercard and Canada Post, in collaboration with Payment Source and Peoples Trust Company, announced Wednesday (Feb. 22) the launch of Cash Passport, the latest payment solution for travelers.
In a press release, the companies said the contactless card lets users load up to seven currencies at a time. The companies said it is a convenient and secure alternative to carrying cash or travelers’ cheques and can be used at millions of ATMs and merchants worldwide anywhere Mastercard is accepted. Cash Passport can be purchased using debit or cash at 2,600 Canada Post locations and reloaded at 6,000 locations or also online.
“Whether you’re a globetrotter, an exchange student or someone who shops online from international merchants, Cash Passport is the smart and simple solution that allows you to better manage your overseas spending,” explained Donna Kinoshita, SVP of global products and solutions for Mastercard Canada, in the press release. “Together, Mastercard and Canada Post are making this a winning experience for Canadians by offering cardholders the ability to purchase and reload via Canada’s largest retail network.”
According to the companies, by locking in foreign currency exchange rates in advance, Canadian travelers don’t have to worry about currency fluctuations during their trips. Fixed ATM fees and no transaction fees on international purchases make it easy to keep track of exactly what a traveler has paid in local currency and how much they have remaining on their card. Users can also manage their money online, move money between currencies and check balances.
“Adding to the convenient payment solutions available at our post offices, we are pleased to be working with Mastercard to offer the Cash Passport that will help our customers simplify their shopping at global retailers, whether online or abroad,” said John Reis, general manager of retail for Canada Post, in the same press release. “We are continually evaluating the changing needs of Canadians to provide them with this kind of relevant and consumer-friendly product that can be accessed at local post offices across Canada.”