Axis Bank, India’s third largest private bank today announced the achievement of the USD $ 2 billion mark in sales and usage volumes on its pioneering Travel Currency Card product. India is one of the world`s largest prepaid forex card markets and Axis Bank continues to maintain its market leadership with this special achievement – a first for any Bank worldwide.
The Axis Bank Travel Currency Card is India`s highest selling prepaid forex Travel Card targeted at Indian nationals travelling abroad. The Axis Bank Travel Currency Card is available across the Bank`s network of 1500+ branches as well as through a large network of RBI-licensed money changers. A customer can exchange Indian rupees for foreign currency with the Branch/Money changer at the prevailing exchange rate and receive a forex-denominated prepaid card with the equivalent amount. The card can be used at than 26 million merchant outlets, VISA & Mastercard ATMs worldwide and on all international websites.
P Mukherjee, President – Treasury and International Banking, Axis Bank said, “Axis Bank is committed to delivering innovative financial products that address the needs of all segments of our customers. We are proud to have surpassed this unique global milestone of the USD 2 billion mark which demonstrates our continued focus on the retail forex needs of travellers.”
Uttam Nayak, Group Country Manager –India and South Asia, Visa, said, “Visa is proud of this successful partnership with Axis Bank and on the achievement of this key milestone. Axis Bank has demonstrated unparalleled market insight and understanding of the ever evolving travelling needs of the Indian consumers by providing secure and convenient access to their money in 11 currencies of choice in over tens of millions merchant establishments and over 1.9 million ATMs globally. Axis Bank has established leadership position on prepaid products through constant innovation and launch of new products in the Indian market.”
The Bank has the widest range of Travel cards with 11 currency options available on both VISA & Mastercard platforms. The Travel Currency Card comes with a host of related advantages for its users including enhanced chip-enabled security, lost card liability insurance cover of Rs. 2 lakhs and a 20% discount on travel insurance premium. With the recent volatility in the currency markets, the Travel Currency Card has also been acknowledged as a hedge against currency fluctuation risks for customers who plan to travel abroad.
Since the introduction of the Travel Card as a product in 2003, Axis Bank has consistently been the market leader in the prepaid forex segment. In 2009, Axis Bank emerged as the first Bank to cross the USD 1 Billion mark in the prepaid forex market – again, a first across all Banks worldwide. With the achievement of the milestone $2 billion mark, Axis Bank has further cemented its position of being the market leader with over 48% market share.