Louisville, KY – May 13, 2008 – Travelex Cash PassportTM, the first prepaid foreign currency card in the United States, launched May 1. The card, which travelers load and lock-in their rate for British Pounds or Euros, has immediately surpassed all sales expectations.
“The launch has been outstanding,” said Christopher Russell, Travelex’s executive vice president of outsourcing, Americas. “Initial response has been overwhelmingly positive, especially in terms of being able to lock-in the exchange rate. We sold 46 cards the first day which more than tripled the first day sales of any of our previous card launches anywhere in the world.”
“In retail management we often approach the launch of new products conservatively,” said Jon Dario, Travelex’s executive vice president of retail, North America. ”Normally it can take 30 to 60 days for the managers and staff at a retail location to gain traction with a new product. With Cash Passport they seem to have done so immediately and the customers have responded.”
Cash Passport can be used to withdraw money from ATMs or be used to purchase goods and services in any retailer that accepts Debit MasterCard®. If the card is lost or stolen the balance is protected and can be replaced in as little as 20 minutes around the world. Two cards can be purchased with different account numbers that can access the same pool of money so travelers can share cards or have a back-up card should one be lost or stolen.
“The word-of-mouth has been impressive,” said Mr. Dario. “At our location in San Francisco a manager was talking about Cash Passport to a young male traveler who was waiting in line. The woman behind him overheard the conversation and said she wanted the card and a few minutes later the cousin of someone else in the line who heard the description came in to buy a Cash Passport. This one example shows us that interest in the card has appealed to a wide range of traveler demographics and referrals may contribute significantly to sales.”
“Our customers have been ecstatic about this product,” said Sara Sheikhlar, Manager for the Travelex JFK and LaGuardia Airport retail stores. “Customers buying the card comment that the security of the card and the locked-in rates bring them peace of mind. The excitement around Cash Passport has been fabulous and our customers recognize the value. I’m so sold on it that I plan to use the card when I travel.”
The Cash Passport offers greater security than carrying large amounts of cash. It also carries with it all of the buyer protections and guarantees that come with any Debit MasterCard card. Cash Passport comes with Global Emergency Assistance which offers customers a number to call for assistance 24-hours a day for lost wallets or passports, medical assistance, legal problems and translation assistance.
“Our research shows that travelers are increasingly worried about identity theft and security when traveling abroad,” said Mr. Russell. “This combined with the increase in overseas travelers has made Cash Passport the right product at the right time.”
Travelex is the largest distributor of prepaid currency cards in the world. The Travelex Cash Passport is available at more than 100 Travelex retail locations in the United States.
Travelex is the world’s foreign exchange and business payments specialist, operating through subsidiaries and branches in these regions: the Americas, United Kingdom; Europe, Asia Pacific; and Middle East and Africa (EMEA).
As one of the world’s leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its prepaid currency card to over three million channel customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering
For more information about Travelex or Cash Passport visit www.cashpassport.com.
To contact a Travelex US retail location email firstname.lastname@example.org or call (212) 701-0478.