Forex cards simplify travel for globetrotters. Preloaded with multipurpose and multicurrency capabilities, they enable effortless cross-border transactions, competitive exchange rates, and stress-free spending
Unlike traditional travel cards, multicurrency forex cards allow travelers to load and reload several currencies onto a single card and use them securely. The widespread adoption by 30 million retail stores, 2 million ATMs, and more than 1 million e-commerce sites worldwide is a testament to their convenience and versatility
Fintechs serve as forex card enablers with flexible APIs for issuance, digital onboarding, compliance, and diverse form factor usage, among other key features.
Some fintech firms partner with banks to offer zero forex markup debit cards, which significantly reduces the cost of international spending. They support banks, financial institutions, and travel agencies with a range of forex cards with travel insurance, exchange rate lock-in, Dynamic Currency Conversion (DCC), and more.
RuPay Prepaid Forex Card: The RBI will soon authorize Indian banks to issue RuPay Prepaid Forex Cards for international usage at ATMs, PoS machines, and online merchants.
To sum up, multicurrency forex cards open the door to a world where geographical borders are mere lines on a map. They enable card issuers to expand services, improve customer experiences, and meet global financial needs.
The market value for forex cards is growing rapidly and is predicted to expand further through 2031.
M2P's Loan Management System (LMS) product is now available in the AWS Marketplace. Our solution streamlines the lending process for all financial institutions with extensive product configuration features for more than 15 categories. Click here to know more.
We partook in ‘Singapore Fintech Festival 2023’, which took place in Singapore from 15th to 17th November. The event brimmed with innovation, networking opportunities, and valuable connections.
We were a Gold Sponsor of the ‘66th Charter Anniversary Symposium’ organized by the Rural Bankers Association of the Philippines, held in Manila from 22nd and 23rd November.
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