Travelex, Bank of China and MasterCard Launch Cash Passport
Travelex, in collaboration with the Bank of China (BOC) and MasterCard, has launched an electronic traveller’s cheque named ‘Cash Passport MasterCard’. The e-traveller’s cheque is designed to meet the consumption demands of the Chinese during their vacations and study trips abroad.
By upgrading traditional traveller’s cheques, this new product is intended to provide more secure and convenient services for travellers. Cash Passport MasterCard is available in three foreign currencies, including US dollar, euro and the pound. By topping up the e-traveller’s cheques in advance, users are able to use them at more than 30 million MasterCard acceptance locations including over one million ATMs with MasterCard logo for local currency withdrawals overseas.
“MasterCard’s latest travel survey demonstrates that almost half of the Chinese households with annual income of US$30,000 and above planned to spend on international personal air travel in second half of this year. There is tremendous appetite for travel among the well-heeled Chinese. The new Cash Passport MasterCard, a breakthrough the result of a successful collaboration with Travelex and Bank of China, caters to the needs of the Chinese travellers – with the convenient electronic traveller’s cheques,” said Hai Ling, president, Greater China, MasterCard Worldwide.