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SBI launches multi-currency travel card

img_0216State Bank of India and MasterCard have launched a multi- currency foreign travel card. The card is available in both retail and corporate variants and will allow the consumers to pay conveniently in multiple currencies. Initially it will be available in four currencies Us dollars, GB pounds, Euro and Singapore dolalrs and eventually be made available in all major currencies. It’s a prepaid and reloadable card with 24/7 access to balance and transaction history online or via the dedicated customer service centre. The card also gives free access to exclusive benefits and offers around the world, which are unique to MasterCard members. S K Mishra, DMD (Corporate Strategy and New Business) of SBI, said outbound travel from India is growing at a rapid pace, with 35 million people travelling outside India. This is expected to grow to 50 million in 2020. Consumers expect smart payment products to address their travel needs and multi-currency foreign travel card provides customers both ease and choice. He said the card can be issued, reloaded and refunded at 100 selected branches of Mumbai, Delhi, Chennai and Bangalore circles and can be loaded in any or all of the four currencies. MasterCard’s multi currency card is one of the most advanced multi-currency programs in India. Ari Sarker, divisional president, MasterCard Worldwide-South Asia, said while the opportunity and need was apparent, MasterCard’s natural choice was SBI, keeping in mind its strength and capabilities to provide this initiative with the required back-end support and infrastructure. The card is chip and pin based and provides global emergency assistance services like complimentary card replacement, cash delivery, medical and lawyer assistance services, besides providing online account management services and 24 hours call centre support.

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