MasterCard Europe is partnering with the International Currency Exchange (ICE) to launch Cash2Go, a PIN secured, pre-paid Maestro debit card designed to replace paper-based travellers cheques.
The card is currently being piloted at ICE exchange bureaux in the UK and at selected branches of UK travel agent, Travelcare. Full roll-out is scheduled to take place in the UK over the next three months.
MasterCard says Cash2Go offers instant, secure access to foreign cash and the ability to purchase goods. Customer will be able to use the card at ATMs to withdraw local currency in 210 countries, as well as to pay for purchases.
Customers have to activate the card by calling a freephone number. The cardholder is then able to select a unique PIN number for the card.
Cash2Go cards can be loaded with sterling, US dollars or euros. The release of currency is authorised against a balance on a dedicated account in which the cardholder has deposited money. The minimum load value is £50, $50 or EUR50 and the maximum is £2500, $2500 or EUR2500.
Keith Hobbs, VP and head of business development, MasterCard Europe, says Cash2Go "offers consumers a great opportunity to get easy, safe, and secure access to their money".
ICE says Cash2Go will revolutionise the way consumers take money abroad.