Mumbai: State Bank of India and MasterCard today announced launch of Multi- Currency Foreign Travel Card through identified State Bank branches. The card which is available in Retail and Corporate variants will allow the consumers to pay conveniently through this card in multiple currencies.

Speaking on the launch, Mr. S K Mishra, Deputy Managing Director (Corporate Strategy and New Business) State Bank of India said, “Outbound travel from India is growing at a rapid pace, with 20 million people travelling outside India. This is expected to grow to 50 million in 2020. Consumers expect smart payment products to address their travel needs and Multi-currency Foreign Travel Card provides customers the choice and convenience to use a single card to pay in multiple currencies and gives an option to load currencies of choice at State Bank’s branch network. To start with, the Card can be issued/ reloaded/ refunded at 100 select branches in MUMBAI, DELHI, CHENNAI and BANGALORE Cities and can be loaded in any / all of the four currencies (USD, GBP, Euro and SGD). The number of branches and currencies will be increased going forward.

Mr. Ari Sarker, Divisional President, MasterCard Worldwide, South Asia, said, “As Indians become more affluent and tap their passion to travel, they need a product that offers a wide range of benefits that allows them the freedom and convenience to do so. While the opportunity and need was apparent, our next step was to find the right partnership for this project. SBI was a natural choice, keeping in mind their strength and capabilities to provide this initiative with the required infrastructure. MasterCard is committed to providing convenient and safe payment options to cardholders worldwide, and this new multi- currency foreign travel card offers travellers an easy alternative to carrying multiple currencies along with added value and security that they expect.”

State Bank Multi Currency Card is one of the most advanced multi-currency programs in India. It is not only Chip and Pin based but also provides unparalleled global emergency assistance services like complimentary card replacement, cash delivery, medical and lawyer assistance services, besides providing online account management services and 24 hours call centre support. The product is backed by MasterCard’s powerful acceptance network of over 35.9 million merchant establishments and 1.9 million ATMs worldwide.

Source: Sachin Murdeshwar