A new pre-paid cash card that offers agents and operators an alternative income stream from foreign exchange launches today claiming to be the first to offer multiple currencies.
CashCase is a Visa card that can be simultaneously loaded with Euros, US Dollars or Sterling and offers the ability for users to switch amounts between the three denomination ‘purses’ by simply clicking and dragging values in their online account.
Around 20 tour operators have already signed up to offer the card to customers which is free if £500 is loaded on to it within the first month, otherwise there is a £10 non-refundable deposit. The card officially launches today with a handful of operator partners.
As well as a share of commissions on foreign exchange operators also have the ability to see customer spending patterns while on holiday opening up the potential for commercial relationships with those places.
Mark Rice, director of brand and loyalty agency Touchdown Prepaid the UK firm behind the card, said: “With other cards that only offer one currency when people come back off holiday it’s useless and people just leave it with their passport. Plus you can get stung converting the cash still on it back into pounds. But with this you can continue using it for your purchases at home.”
Rice said CashCase has linked a “voucher vault” to the card allowing holders to access special promotional deals at high street chains like House of Fraser, Argos, B&Q and Sainsbury’s among 50 other discount partners.
He claimed the average family would be £600 better of a year using CashCase for day to day shopping. Operators and agents will be able to embed the system for acquiring the card into their booking stream.
“A lot of travel firms want to have a loyalty scheme that going to be added value to their customers so we have built this voucher vault,” Rice said.
The card offers competitive foreign exchange rates that are constantly updated and none of the extortionate hidden fees similar cards have been exposed as having, said Rice.
Another potential upside for operators is that some would like to pay their overseas staff in GB pounds rather than Euros and this can be done through the card. Cruiselines are also interested in it to offer staff for their personal card for onshore spending during port days.
Rice said the US firm behind the card had spent 18 months developing the technology to offer a multi-currency card. CashCase also offers the ability to transfer money between cards via YAP technology, as well as check balances. This is expected to particularly appeal to gap year students who can have their cards recharged by their parents.
A smartphone app will also be available enabling the account to be managed while on the move. As well as Visa the card is backed by Luxemberg bank Invic which is also a benefit to potential partners in the UK that might already be running loyalty scheme with UK banks.
The link with Visa gives CashCase access to the Olympics and the firm is expected to run exclusive games promotions.
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