Thursday, September 11, 2008

Corporation bank in tie-up launched prepaid travel card

Corporation bank, Mangalore-based public sector bank has launched prepaid travel card in a tie-up with JP Morgan and Visa. Bank has used JP Morgan’s expertise in prepaid card solutions and its proprietary technology platform. Bank has launched the card in three foreign currencies -- US dollar, British pound and Euro. Corporation Bank has become the second public sector bank, for launching a prepaid travel card, earlier only State Bank of India had launched a prepaid travel card.

Bank is offering the benefits like customers to make a purchase, withdraw cash in local currencies at ATMs when traveling abroad. The card will also be easy to carry and lower the risks of carrying foreign currency and travelers' cheques, B R Bhat, general manager, Corporation Bank said. He said the customers can get the balance amount in the card refunded at any of the designated branches of the bank.

The bank has planned to sell at least 25,000 cards during the first year of its launch. Very soon bank is planning to introduce the card in Chinese currency also..

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