MasterCard and NTB launch prepaid payment solution for globetrotting Sri Lankan travellers
Thursday, 13 March 2014 00:00
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Country’s First Chip and PIN USD Travel Card
MasterCard together with Nations Trust Bank launched the Nations Trust Bank Chip and PIN USD Travel Card recently. Aimed at meeting the needs of the growing number of Sri Lankans travelling abroad, the country’s first Chip and PIN USD Travel Card is set to offer them a safe and convenient means of carrying foreign currency.
“We strongly believe that the USD MasterCard Travel Card from Nations Trust Bank would prove to be a safe and convenient solution for the foreign exchange needs of an increasing number of Sri Lankans travelling on business, leisure and education,” said MasterCard Area Head - South Asia Vikas Varma.
Prepaid travel cards such as the one being offered by Nations Trust Bank guard travellers against currency fluctuations by locking the exchange rate in once the USD is loaded on to it. They help individuals and companies monitor expenses thereby providing improved budgetary control. The inclusion of Chip and PIN adds another layer of protection - while the chip on the card enhances security of the transaction and protects against skimming and counterfeit fraud, the PIN provides safeguards against lost, stolen and card not received fraud losses.
Sri Lankans travelling internationally can use the Nations Trust Bank Chip and PIN USD Travel Card at over 35 million merchant outlets and 2.1 million ATMs that accept MasterCard branded cards worldwide. Cardholders receive an additional $ 10 pre-loaded on the card when they load the initial $ 500 onto it. Besides relieving them of the need to carry large amounts of cash, the card also provides a whole array of benefits such as complimentary travel insurance covers and 10% savings on all non-promotional items for purchases over $ 50 at Flemingo Duty Free outlets at the Bandaranaike International Airport.
Talking about global trends in prepaid payment solutions, Varma stated: “Around the world too, we’ve noticed that more consumers are adopting prepaid travel cards as the preferred mode of payment. They’ve welcomed it as a much safer option for their travel that also protects them from high foreign exchange mark-ups. Companies are using this to provide funds for and monitor expenses of employees travelling on work.”
With instant issuance and a 100% approval rate, prepaid cards have also paved the way for a wide range of co-branded solutions. Commenting on this, Varma added: “A growing number of businesses such as Airlines have come up with innovative ways to leverage MasterCard’s prepaid payment solutions to grow their loyalty programs while adding value to their consumers.”
To obtain more information on how to sign up for the Nations Trust Bank MasterCard Chip and PIN USD Travel Card simply call (011) 4414 155 or visit your nearest Nations Trust Bank branch.
