FEXCO and PCT partner to introduce new fixed rate prepaid travel card

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Ireland-based FEXCO Financial Services entered into a partnership with the UK-based Payment Cloud Technologies (PCT) and Mastercard to introduce a new prepaid travel card.

Christened the No.1 Currency Prepaid Mastercard Travel Card, the new card provides assurance of a competitive rate without charging commission from customers by offering a fixed rate at the time of cash deposit. The new card will be manufactured by Allpay and processed by FIS, while Wirecard Card Solutions will act as the issuing bank.

Global travel forex prepaid card market in terms of transaction value is expected to record a CAGR of 17.6% during 2017-2021 to reach US$ 96.3 billion by 2021, increasing from US$ 50.4 billion in 2017.

Under the partnership, PCT will provide full project and account management including marketing support, compliance guidance, apart from customer service issues such as fraud, chargeback and dispute management.  PCT will also apply its card management process to the No.1 Currency travel card, as well as, also oversee the management of Mastercard as scheme provider.

PCT, which also developed No.1 Currency’s online account for easy money management, intends to launch No.1 Currency’s unique in-store proposition in the UK by the end of 2017.

To know more and gain deeper understanding of how prepaid card industry is shaping up globally, click here.