Travelex, Bank of China and MasterCard launch Cash Passport

Source: MasterCard

Travelex, a leading foreign exchange specialist, has officially launched an innovative electronic traveler's cheque named "Cash Passport MasterCard", in collaboration with the Bank of China (BOC) and MasterCard. This is the first e-traveler's cheque with MasterCard logo jointly launched by the three parties in mainland China.

The newly introduced "Cash Passport MasterCard" is designed to meet the consumption demands of the Chinese during their vacations and study trips abroad. By upgrading traditional traveler's cheques, this new product intends to provide more secure, convenient and thoughtful services for travelers. Cash Passport MasterCard is available in three foreign currencies, including USD, Euro and GBP. By topping up the e-traveler's cheques in advance, users are able to use them at more than 30 million MasterCard acceptance locations including over 1 million ATMs with MasterCard logo for local currency withdrawals overseas.

China has witnessed a boom in the outbound tourism market in recent years. According to official statistics, the number of outbound travelers in 2010 is expected to reach 53 million annually, including Chinese students going abroad for their education. For these reasons, Cash Passport MasterCard is a new option for them to carry foreign currency, in addition to credit cards.

"MasterCard's latest travel survey demonstrates that almost half of the Chinese households with annual income of USD30,000 and above planned to spend on international personal air travel in second half of this year. There is tremendous appetite for travel amongst the well-heeled Chinese. The new Cash Passport MasterCard, a breakthrough the result of a successful collaboration with Travelex and Bank of China, caters to the needs of the Chinese travelers - with the convenient electronic traveler's cheques. We are proud to be part of this milestone," remarked Hai Ling, president, Greater China, MasterCard Worldwide

The e- traveler's cheque provides flexibility, convenience and security for people travelling or studying abroad. In addition, users can repeatedly top up their cheques as well as track transaction details and available balance online or through customer services. Cash Passport MasterCard also offers security advantages including free 24-hour Travelex hotline, providing cardholders with a range of services, including emergency currency aid and reporting the loss of cards, thereby making their travel more secure, convenient and easy to manage.

No credit cheque and other complicated procedures are required when applying for a Cash Passport MasterCard. Currently, customers can purchase the e-traveler's cheque at BOC Beijing branches located in Chaoyang district with valid identification card and relevant certification. Successful applicants will also enjoy special privileges offered by Travelex during the initial launch of the cheque.

Cash Passport MasterCard, launched in Beijing, will be gradually promoted to other branch networks of BOC in the future to meet the wider population's financial demands when travelling overseas.

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