As Christmas, the New Year and the Chinese New Year are fast approaching, the peak season of international travel for vacationing and shopping will soon be upon us. Having access to secure and convenient payment solution while overseas will be of utmost concern for a great majority of consumers travelling overseas as they would want to ensure their vacationing, shopping or studies to proceed smoothly. Since consumers are faced with different foreign currency payment products that different banks offer in the marketplace, it is particularly important for them to make smart choices.

As a leading global payment solution provider, MasterCard has come to recognize that overseas spending by Chinese consumers tends to be concentrated in two areas. The first is spending in malls, online shopping sites and travel-related organizations. In this regard, through MasterCard’s vast global payment network, our range of payment products, including credit and debit cards, guarantee that consumers can enjoy the most seamless and efficient transactions process at merchant partners in more than two hundred countries. Secondly, while people living or working overseas have a need for cash, those travelling abroad for vacation or shopping also need a widely-accepted and secure option for carrying foreign currency. Through working with suitable partners, MasterCard has thus developed an innovative payment solution by leveraging on its advantages in technology and network.

Experts at MasterCard believe that security and convenience are keys to a quality overseas payment product. “Cash Passport”, an innovative e-travelers’ cheque launched by MasterCard in collaboration with Travelex, the leading foreign exchange specialist, and the Bank of China (BOC), precisely meets these criteria.

Cash Passport offers added security and convenience over the traditional traveler’s cheque, facilitating both card-based spending and cash withdrawal services abroad. Moreover, acquiring a Cash Passport is streamlined into a simple and convenient process as consumers do not have to go through credit evaluation or complicated application procedures. In addition to credit cards, Cash Passport has thus become yet another preferred option for international travelers and students studying abroad.

Simple and Convenient

The Cash Passport MasterCard is available in three foreign currencies, including USD, Euro and GBP, satisfying the diverse needs of travelers. By topping up their Cash Passport in advance, users are able to make purchases at over 32 million MasterCard acceptance locations and withdraw local currency at over 1 million ATMs with MasterCard logo while overseas.

Safe and Secure

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

If market adoption is the ultimate test for a product, then Cash Passport MasterCard has definitely proven its worth as it was extremely well received by consumers as soon as it was launched. With Christmas, the New Year, Valentine’s Day and the Chinese New Year soon ushering in the peak season for international travel, Cash Passport MasterCard will gain the favour of even more consumers. MasterCard firmly believes that only products developed with the needs of consumers in mind and executed in close collaboration with partnering banks can deliver win-win-win results.