Axis Bank is looking to offer them in multiple currencies and with valued added services
Encouraged by the success of its travel cards, Axis Bank is looking to offer them in multiple currencies and with valued added services.
The private sector bank is also working on other specialized products in the travel cards segment. These include a bundled product that can be used for public transport in Singapore.
Another one is a special card for students going abroad, jointly with ISEC (International Student Exchange Card) so that they can avail themselves of discounts at merchant outlets.
The bank, which is the biggest issuer of in India, has roughly four lakh active cards with a usage volume of over 2 billion.
Axis Bank entered the travel card business in 2003. This segment has seen a consistent average annual growth rate of 40 percent said an official.
A travel card is a prepaid card which can be loaded with foreign currency. It can be used like a debit or credit car Encouraged by the success of its , Axis Bank is looking to offer them in multiple currencies and with valued added services.
The private sector bank is also working on other specialized products in the segment. These include a bundled product that can be used for public transport in Singapore.
Another one is a special card for students going abroad, jointly with ISEC (International Student Exchange Card) so that they can avail themselves of discounts at merchant outlets.
The bank, which is the biggest issuer of in India, has roughly four lakh active cards with a usage volume of over 2 billion.
Axis Bank entered the travel card business in 2003. This segment has seen a consistent average annual growth rate of 40 percent said an official.
A travel card is a prepaid card which can be loaded with foreign currency. It can be used like a debit or credit card while travelling overseas.
Currently, cash accounts for more than 80 percent of the foreign currency transaction volumes. Travel cards and travellers'cheques make up the balance.
"This shows the potential for the travel card business. Even a 10 percent conversion d while travelling overseas.
Currently, cash accounts for more than 80 percent of the foreign currency transaction volumes. Travel cards and travellers'cheques make up the balance.
"This shows the potential for the travel card business. Even a 10 percent conversion from currency in favor of will mean a huge rise in volumes," the official said.
ADVANTEGES
Although travellers'cheques have been around for longer, offer certain advantages over them. One is the convenience of being able to use the care at merchant outlets and at ATMs. The second is the ability to reload the card. But the biggest advantage is that the exchange rate is locked in at the time of loading the card. This ensures that the customer does not face nasty surprises in case of a currency fluctuation.
Most people now use to withdraw money from ATMs and now axis bank is trying to highlight the benefits of using the cards at point of sales terminals at stores and merchant outlets overseas and also for online ticket or hotel bookings. The benefit for customers is that every ATM withdrawal costs $2 or more in fees while there is no additional charge for Pos or online usage the official said. Currently one travel card allows transactions only in one currency. Axis bank is working on a multi -currency card which will allow transactions in more than one currencyon the prop[erties on insurances such as cheap travel insurance for seniors on targeted.
The private sector bank is also working on other specialized products in the travel cards segment. These include a bundled product that can be used for public transport in Singapore.
Another one is a special card for students going abroad, jointly with ISEC (International Student Exchange Card) so that they can avail themselves of discounts at merchant outlets.
The bank, which is the biggest issuer of in India, has roughly four lakh active cards with a usage volume of over 2 billion.
Axis Bank entered the travel card business in 2003. This segment has seen a consistent average annual growth rate of 40 percent said an official.
A travel card is a prepaid card which can be loaded with foreign currency. It can be used like a debit or credit car Encouraged by the success of its , Axis Bank is looking to offer them in multiple currencies and with valued added services.
The private sector bank is also working on other specialized products in the segment. These include a bundled product that can be used for public transport in Singapore.
Another one is a special card for students going abroad, jointly with ISEC (International Student Exchange Card) so that they can avail themselves of discounts at merchant outlets.
The bank, which is the biggest issuer of in India, has roughly four lakh active cards with a usage volume of over 2 billion.
Axis Bank entered the travel card business in 2003. This segment has seen a consistent average annual growth rate of 40 percent said an official.
A travel card is a prepaid card which can be loaded with foreign currency. It can be used like a debit or credit card while travelling overseas.
Currently, cash accounts for more than 80 percent of the foreign currency transaction volumes. Travel cards and travellers'cheques make up the balance.
"This shows the potential for the travel card business. Even a 10 percent conversion d while travelling overseas.
Currently, cash accounts for more than 80 percent of the foreign currency transaction volumes. Travel cards and travellers'cheques make up the balance.
"This shows the potential for the travel card business. Even a 10 percent conversion from currency in favor of will mean a huge rise in volumes," the official said.
ADVANTEGES
Although travellers'cheques have been around for longer, offer certain advantages over them. One is the convenience of being able to use the care at merchant outlets and at ATMs. The second is the ability to reload the card. But the biggest advantage is that the exchange rate is locked in at the time of loading the card. This ensures that the customer does not face nasty surprises in case of a currency fluctuation.
Most people now use to withdraw money from ATMs and now axis bank is trying to highlight the benefits of using the cards at point of sales terminals at stores and merchant outlets overseas and also for online ticket or hotel bookings. The benefit for customers is that every ATM withdrawal costs $2 or more in fees while there is no additional charge for Pos or online usage the official said. Currently one travel card allows transactions only in one currency. Axis bank is working on a multi -currency card which will allow transactions in more than one currencyon the prop[erties on insurances such as cheap travel insurance for seniors on targeted.
