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May 26, 2021

India’s FSS enhances multi-currency card offering

By Evie Rusman

India’s FSS has enhanced its prepaid multi-currency card offering, with the aim of providing greater choice, security and convenience.

The company’s United Issuance Platform (prepaid) enables issuers to launch their own branded card programmes for international travellers.

FFS said that the enhancements will allow issuers to tap into early resurgent demand as well as provide a more seamless experience. Cardholders will also be able to set up currency purses on demand, block and unblock their card, and request for an instant add-on card.

Sathish N, deputy chief product officer at FSS, said: “The current enhancements to our multi-currency forex card offering are another step to maximise customer delight and deliver exceptional experiences.

“FSS Unified Issuance Platform powers 800 Million cards globally.  As a global leader in card management platforms, we continue to innovate at pace to help banks and FinTechs differentiate their cards portfolio.”

FSS multi-currency card 

The cards automatically detect the local currency when making purchases at merchants or ATMs abroad. They also use the specific currency wallet for the transaction with no additional conversion or foreign transaction charges.

In addition, in the case of a fund deficit in a specific wallet, the monies will be debited from the cardholder’s other currency wallets. For instance, if the cardholder has insufficient funds in their USD wallet but sufficient funds in their EUR wallet, the system will automatically convert the equivalent of the total amount to EUR and take the monies from the EUR wallet.

Cardholders can switch specific currency wallets on and off when not in use. They can also opt for an add-on forex card linked to the primary multi-currency card, which has the same default currency wallet as the primary card.

So, if a cardholder opts for a linked card product and the customer has a USD wallet, the same USD wallet can be tagged to both cards.

Aside from physical cards, the system supports the issuance of instant virtual cards.

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