Travelex reports surge in prepaid travel card popularity

Overseas change model Travelex has seen main year-on-year progress of its pay as you go Travelex Cash Card, outpacing trade forecasts of pay as you go journey card market progress. Travelex has seen a 49% enhance in Travelex Cash Card reload transactions (clients including foreign money to their card) between January and Could in comparison with the identical interval final 12 months, alongside a 50% enhance in card reload penetration (the proportion of Travelex Cash Card reloads vs purchases of money).

The surge in clients selecting Travelex’s pay as you go card product outpaces Allied Market Analysis information, which forecasted a 15.3% CAGR within the pay as you go journey cash card market between 2023 and 2032.

“Travellers wish to entry, top-up and handle journey cash in a safe and dependable manner. Our pay as you go Travelex Cash Card permits clients to simply funds, get aggressive Travelex charges and spend every time and wherever” stated Simon Jackson, Chief Buyer Officer at Travelex.

Travelex has additionally seen a ten% year-on-year enhance in conversion fee in its TMC app, as extra clients who started a card reload finalised the acquisition.

The rise in conversion fee is attributed to Travelex relaunching its Travelex Cash Card app final 12 months, with the brand new app providing clients an improved consumer expertise. The UK app permits clients so as to add as much as 22 completely different currencies, verify their steadiness and transactions, view their card particulars, and freeze and unfreeze their card for fast safety.

“We’re delighted that our new Travelex Cash Card app has been a serious driver of Travelex Cash Card progress. The app affords clients a quick and seamless top-up expertise, making it even simpler to spend safely overseas,” added Jackson.