Travelex to introduce mobile prepaid facility

Travelex wants to diversify its services and innovate to grow business

Foreign exchange firm Travelex is set to offer a mobile-based tool to its customers that will allow them to manage their travel money.

Some 1,750 customers using the company’s prepaid card will be able to use the application, which can be downloaded to cardholders’ handsets and used to check balances, reload the card by mobile and set up alerts.

The Monitise-provided service will launch next year, with functionality such as a low balance alert, which reminds cardholders to reload their account with cash.

Under the prepaid model, customers can pay for goods and withdraw cash without incurring additional charges for use overseas.

“The prepaid travel card market is growing fast. It is essential that we innovate and bring new, value-added services to our cardholders,” said Mark Horgan, managing director of cards and mobile payments at Travelex.

“The combination of a secure card serviced from a mobile phone is a powerful proposition that will mean we can grow both our card base and our revenue,” he said.