Representing the future of travel prepaid cards, the card with global reach of MasterCard allows user to load multiple currencies, while it is also accepted at 35.9 million locations worldwide.
Initially, four currencies, including US dollar, British Pounds, Euro and the Australian Dollars, can be loaded on the card, whereas other currencies will be added at a later stage.
Absa Retail Banking head Arrie Rautenbach said the multi-currency cash passport card has the ability to allow customers to carry foreign exchange loaded with multiple currencies on a single card.
"When the card is used in the destination country, the system intelligently chooses the correct currency depending on the country the cardholder is in, as long as the currency is available (for example, if in the US the system will automatically debit the US Dollar purse on the card)," Rautenbach added.
An Islamic Banking Multi-Currency Cash Passport, which is a first Sharia’h compliant servce for clients travelling overseas, will also be launched by the bank.
