Indusind Bank is partnering with ElectraCard Services (ECS), a provider of software solutions for electronic payment systems, to launch a foreign currency prepaid travel card (view press release). Dubbed the Indus Forex card, the bank has designed its product to offer travellers convenience and a secure way of carrying foreign currency abroad. The bank hopes to tap into the travel segment and expand in this market in the coming years. The card is available in 6 currencies – US Dollar, Euro, Sterling Pound, Singapore Dollar, Australian Dollar and Saudi Riyal. The card can be used to withdraw cash from ATMs and to pay at merchant outlets. Customers will have the ability to track spends and check the balance of the card via a number of options.
The card comes with a choice of single or paired card kit. User can choose a paired card kit which equips them with an extra back-up card in case the primary card is damaged, lost or stolen. The card will be available at select Indusland Bank branches and with selected partner agents.
ECS will provide technology and processing services for the Forex card programme solution.