MasterCard and Canada Post, in partnership with Payment Source, and Peoples Trust Company, have launched a new contactless multi-currency card for smart and simple travel.

Dubbed the Cash Passport, the latest solution enables users to load up to seven currencies (CAD, USD, EUR, GBP, JPY, AUD and MXN) at a time.

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The prepaid card, which can be used at merchants who accept MasterCard and at millions of ATMs, is claimed to be a convenient and secure alternative to pockets full of cash or travellers’ cheques.

Cash Passport can be purchased using debit or by paying cash at 2,600 Canada Post locations and can be reloaded at 6,000 locations or online.

The new offering allows users to lock in foreign currency exchange rates in advance, and helps them to get rid of worry about currency fluctuations during their trips.

The cardholders can also manage their money online, move money between currencies and check their balance whenever and wherever after registering a card on cashpassport.ca.

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The card is chip and PIN enabled for added security and if the Cash Passport is lost or stolen, a dedicated team is available round the clock, to help users wherever they are in the world.

MasterCard Canada senior vice president for global products and solutions Donna Kinoshita said: “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.

“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.”