State Bank of India (SBI) in association with MasterCard has launched its first multi-currency international prepaid card that will allow its customers to use a single card to pay in multiple currencies.
Backed by MasterCard’s network of nearly 36 million merchant establishments and 1.9 million ATMs across the world, the chip and pin security card also has additional features of a call centre and complimentary emergency assistance. The new card is available in retail and corporate variants.
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Commenting on the launch, SK Mishra, deputy managing director of corporate strategy and new business at SBI, said: "Outbound travel from India is growing at a rapid pace, with 20 million people travelling outside India. This is expected to grow to 50 million in 2020.
"Consumers expect smart payment products to address their travel needs and multi-currency Foreign Travel Card provides customers the choice and convenience to use a single card to pay in multiple currencies and gives an option to load currencies of choice at State Bank’s branch network."
Ari Sarker, divisional president, MasterCard Worldwide, South Asia, said: "As Indians become more affluent and tap their passion to travel, they need a product that offers a wide range of benefits that allows them the freedom and convenience to do so.
"While the opportunity and need was apparent, our next step was to find the right partnership for this project. SBI was a natural choice, keeping in mind their strength and capabilities to provide this initiative with the required infrastructure."
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