Corporation Bank launches prepaid travel card

Mangalore-based public sector Corporation Bank today launched prepaid travel card in association with JP Morgan and Visa. The card is available in three foreign currencies -- US dollar, British pound and Euro. The bank will use JP Morgan's expertise in prepaid card solutions and its proprietary technology platform. With this, Corporation Bank became the second public sector bank, after State Bank of India, to launch a prepaid travel card.

The card enables customers to make a purchase, withdraw cash in local currencies at ATMs when travelling abroad. It will help the customer to avoid the risks of carrying foreign currency and travellers' cheques, B R Bhat, general manager, Corporation Bank said. The balance amount in the card can be refunded at any of the designated branches of the bank, he said.

 

The bank aims to sell at least 25,000 cards during the first year of its launch. It is also planning to introduce the card in Chinese currency very soon.