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Pre Paid Travellers CardsThe International Currency Exchange has just launched a pre paid traveller’s card. They have been working with Raphaels Bank to issue the cards. Altair Financial Services International PLC is the prepaid processor and Medoc Computers LTD offered the application for the new cash card. The new cash card is designed to give travellers a better method of protecting themselves and more convenience while they are travelling anywhere in the world. The International Currency Exchange card is going to offer consumers a way to purchase products without using bank credit or debit cards. It is also going to replace traveller’s cheques and cash. The new cash card is accepted by 25 million ATM’s, shops and restaurants in more than 120 countries around the world. The logo is MasterCard, so any place that accepts MasterCard is going to be able to accept the new cash card. Since MasterCard is one of the largest credit card companies this means that virtually anywhere is going to accept the new card. It is really the International Currency Exchange once again fulfilling a need of the consumer. They are responding to the many reports of credit card and debit card fraud that occurs when consumers are on vacation outside of their own country. They have joined in their partnerships with the aforementioned companies to make using the card easier around the world. They wanted to make sure there was extensive experience behind the launch of the new card, which is how they created the prepaid card that is secure and easy to use. There has been a rise in stolen credit. In fact a 77% increase in the last few years accounts for stolen credit through debit cards and credit cards. The information from these cards is being used abroad. In other words the information is stolen in a place like the UK and then the gang ferrets the information to another country like Australia to use the credit. It takes longer for the information to be received by the banks and the fraud to be realised. By then the gangs have racked up thousands of dollars in stolen goods. The prepaid card is designed to reduce or eliminate the risk of credit cards and debit cards used for fraudulent purposes. Consumers will be able to find the cards online with an easy application process. There is also no need for information to be sent through the mail or any certified copies of documents. The consumer is pretty safe that their information will go directly to the bank and leave no paper trail to be found by fraudsters looking through the mail. The Director of Raphaels Bank believes that the prepaid card is showing how flexible they can be in creating a solution that will help consumers. The consumers are assured of being safe with this scheme. With the company being backed by Altair there is even more assurance that the prepaid card is the answer to many of the problems. The ICE and those involved with the launch expect that the consumers are going to start applying for these cards in the UK and USA. They believe that these two countries have in the past used a great deal of traveller’s cheques and have even seen that there has already been a decline in that venue. Credit cards are replacing the use of other means to purchase items, and the prepaid card in a foreign currency is even safer than any other option the consumer can use. ICE expects that the project will be integrated and sought after by the consumers with little need for encouragement. Financial News March 2008 |
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