Travelex to use Mastercard's prepaid technology

Travelex is set to re-engineer its prepaid services portfolio

Foreign exchange firm Travelex has signed a deal with Mastercard for the provision of prepaid transaction processing technology worldwide.

The agreement is an extension of the relationship between both firms – Travelex already issues and distributes Mastercard prepaid cards – and will see the launch of new consumer and corporate Mastercard branded cards utilising the technology.

Under the partnership, Travelex will be able to re-engineer its existing prepaid offering and extend its presence in sectors such as travel, with minimal infrastructure investment.

"The agreement with Mastercard will provide us with the speed and processing advantages we need as part of our plans to expand the usage of our Cash Passport prepaid currency cards for foreign exchange," said Travelex chief executive Robert Gogel.

"The ability to work with Mastercard to quickly expand our business globally while providing our cardholders with safe and convenient access to their funds in the currency of their choice is a significant step forward. The success of our card programmes relies on a strong, global brand and a secure and reliable transaction processing platform," said Gogel.