Matrix and Federal Bank Launch Prepaid International Travel Card, Powered by MastercardAugust 22, 2019 | New Delhi | By Barkha Patel
- The card provides a safe and hassle-free shopping experience in eight different currencies
- It is accepted at more than 30 million merchant locations around the world
To make travel more convenient and rewarding for international tourists, Matrix Cellular and Federal Bank have launched the Matrix-Federal Forex Card powered by Mastercard. The prepaid card allows globetrotters to travel cash-light and pay digitally at over 30 million merchant locations across the world, including at grocery stores, retail shops, restaurants, malls and hotels. These transactions can be made in eight different currencies.
Apart from this, cardholders can avail 10 to 30 percent discounts at over 850 handpicked lifestyle stores, in locations including Westfield and Bicester Village in London, Mall of the Emirates, Macy’s and other luxury shoppes in Las Vegas. The card will be linked with Matrix Traveler Companion App, enabling customers to enjoy app features such as shopping discounts and travel attractions overseas. Travelers can reload their cards and check their balances on the app. It also provides an INR wallet so that travelers can utilize the card for domestic transactions.
Powered by Mastercard’s best-in-class technology, the card ensures safety and security of transactions, especially when cardholders are transacting abroad. To further limit risks, the prepaid card is not attached to any bank account. In case of any emergency, travelers can also withdraw local currency from over 2 million ATMs across destinations.
Shalini Warrier, COO & Business Head - Retail, Federal Bank said, “We pride ourselves on providing a superior banking experience to our customers. As the outbound travel base from India increases year-after-year, we see a huge potential to serve this segment with our innovative products and services. I am certain that the Matrix-Federal Forex card will find an instant affinity among our customers.”
Tarang Chandra, Director – Forex, Matrix said, “People want their travel to be joyous and stress-free. The launch of the Matrix-Federal Forex card is a step towards addressing this aspiration. It allows travelers to manage their spending effectively during a foreign trip.”
Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard said, “Mastercard has been curating experiences that connect with consumers’ passion points. The Matrix-Federal Forex card will enable cardholders to create poignant memories everytime they use it at a merchant outlet around the world. At the same time, Mastercard’s technology will make the Matrix Federal Forex card safe and making it an unmatched proposition.”
India is one of the fastest-growing outbound tourism markets in the world, second only to China. According to an estimate by the United Nations World Tourism Organization, the country will register about 50 million outbound tourists by 2020, growing at an average annual growth rate of 10-12 percent over the last seven years. The market for travel and tourism in India is expected to grow at a Compound Annual Growth Rate (CAGR) of around 7.23 percent during 2016-20211.
About Federal Bank
Federal Bank is a leading private sector bank with a branch network of 1,251 branches and 1,934 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 2.46 Lakh Crore as on March 31, 2019, and it has earned a net profit of ₹ 1,244 Crore for FY19. The Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.14%. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for NRI customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress.
About Matrix Cellular (International) Services Ltd.
Started in 2005, Matrix Cellular is the largest country-specific SIM card provider offering voice, data and SMS services under the brand “Matrix” to travelers outbound from India, with a majority market share. (Source: Frost & Sullivan Report on “Assessment of the India Outbound International Roaming market”). Matrix caters to a wide audience, including leisure & business travellers and students studying abroad. It provides services all around the world and has a presence across India. Their service includes International SIM, Data Packs for Smartphones, Laptops, Tablets (including iPads), International Travel Insurance and Forex Cards. In 2017, Matrix also launched the first-of-its-kind, Matrix Travel Companion App, offering international travellers the best deals on Shopping and Attractions worldwide. With a commitment to superior customer service, Matrix – with a majority market share is continuously moving forward with a vision to connect every international traveller with convenient and cost-effective solutions.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.