More people are turning to prepaid travel cards for when they head overseas. The cards enable users to carry foreign currency on a debit card, while avoiding the conversion costs and transaction fees associated with travel abroad.
According to a new business report, the Asia Pacific region has the fastest rate of growth in prepaid card sales, with the projected compound annual growth rate at a whopping 19%.
Prepaid cards are a modern alternative to carrying travellers cheques and cash while abroad. There are many benefits to this upgrade including the ability to top-up your card online and the inherent security benefits of using a card.
The portable cards serve the same role as checking accounts and credit cards, but there is far less risk involved because there is less money available on a card.
Mozo reported that over the last 12-18 months there has been a widespread acceptance of prepaid travel cards, which has helped boost their popularity.
