Earlier this month, Travelex introduced its chip & PIN Cash Passport(TM) MasterCard in the U.S., a prepaid foreign currency cards available in Euros and British Pounds.
The cards are technologically compatible with overseas merchants that have migrated towards chip-based transactions. Users need a personal identification number (PIN) to complete chip-based transactions and is signature protected. The card is not connected to the cardholders’ bank account, which minimizes the risk of identity theft in the event the card is lost or stolen. A traditional magnetic stripe is also included for those merchants not yet using chip & PIN technology.
“There is a growing demand from the American traveler for technology compatible with what merchants are utilizing abroad,” said Jon Dario, president of Travelex Currency Services Inc. “Much of the global market has already moved away from magnetic-stripe cards. Travelex’s new chip & PIN cards offered in Euro and British Pound Sterling will provide the same level of technical compatibility for U.S. travelers that many other international travelers currently enjoy.”
Chip & PIN technology is universally used throughout major European markets such as the United Kingdom, France and has recently become the standard in Canada. The chip & PIN system has already proved to reduce fraud in many European countries.
Travelers can pre-load travel money onto a reloadable card for use in millions of ATMs, shops and restaurants worldwide where MasterCard is accepted.
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