November 2, 2011
Travelex, MasterCard introduce chip-and-PIN-enabled prepaid foreign currency card in Canada
TORONTO--Travelex Global Business Payments, a global payment services provider, has launched a MasterCard prepaid reloadable foreign currency card in Canada available in USD, EUR and GBP. The new MasterCard Cash Passport card is compatible with the chip-and-PIN technology recently adopted in Canada.
Chip-based transactions with the Cash Passport card require a PIN. The card is not connected to the cardholder's bank account, which aims to minimize the risk of identity theft in the event the card is lost or stolen. Travellers using Cash Passport have the option to lock in the exchange rate at the time of load or reload, which is set to remove fluctuations in rates with each purchase made abroad or withdrawal of cash at a foreign ATM.
Cash Passport cardholders can preload travel money before leaving Canada. Another feature of Cash Passport is the 24/7 Global Assistance, which aims to replace funds as quickly as within 24 hours if the card is lost or stolen. The Cash Passport card is available for purchase at Travelex stores across Canada, including 16 stores within Toronto Pearson International Airport.