Since its launch in May this year, Absa’s Multi-currency prepaid travel card has generated 12 000 card sales and more than R250 million in transactions. From a zero base six months ago, the service now accounts for 77% of all Absa travel card sales.
In a first-to-market in South Africa, the cash passport allows South Africans to carry multiple foreign currencies safely and on a single card.
Delighted with the rapid uptake, Head of Absa’s retail division Arrie Rautenbach noted that out of the four available foreign currencies reloadable on the card, the US dollar was the most frequently used currency.
“We are delighted by the uptake as the sales volumes show how much demand our Multi-currency card has generated in as little as six months,” adds Rautenbach.
He said he was particularly proud that Absa had been able to respond to customer peace-of-mind through the card’s enhanced chip and PIN security features and the convenience to carry foreign exchange loaded with multiple currencies on one card while travelling or crossing multiple boarders.
“Providing emergency assistance services should the card become lost, stolen or damaged, security on Absa’s Multi-currency cash passport is also less of a concern,” adds Rautenbach.
Absa’s Multi-Currency card allows consumers to plan, budget and enjoy using their cards without having to worry about fluctuating exchange rates as they can lock-in exchange rate each time they load or reload.
“This brings added convenience to frequent travellers and those who cross multiple borders on the same trip. When using the card as a transactional tool there are no point-of-sale transaction fees, only a minor currency conversion fee if used in a country where the currency differs from the funds loaded on the card.” says Rautenbach.
“We have done a lot this year to help clients prosper and make banking easier. That is in line with our focus on making our customers’ lives much easier. While we continue to work towards that goal, Absa’s Multi-currency is a key milestone along the way to reach it,” concludes Rautenbach.