Kotak launches world travel card

Kotak Mahindra Bank (KMB) recently announced the launch of Kotak Multi Currency World Travel Card in Mumbai. The prepaid card is designed to offer global convenience with higher security and help customers smartly manage their money abroad and allows customers to do away with the hassles of carrying foreign currency and traveler’s cheques. The card has multi-currency -wallet functionality with the option to load/reload multiple currencies on a single card from the 8 predefined currencies offered by the bank. Customers can lock exchange rates before travel thereby to escape exchange rate fluctuation and also move money between wallets. Shalini Mehta, Executive Vice President, Kotak Mahindra Bank said, “Kotak Multi Currency World Travel Card is designed to provide a secure and convenient travel solution for customers. It offers customers stress-free travel without the worry of exchange rate fluctuation, with a choice of 8 currencies to choose from.  The Chip-embedded card ensures more secured transactions, and customer can opt for an additional card at the same time as a backup in case the first one is lost, stolen or damaged. ”
 
Uttam Nayak, Group Country Manager, India and South Asia, Visa, said, “We are  delighted at the launch of the Kotak multicurrency world travel  prepaid  card which has a  5 year validity and offers unbound convenience to the travelers . This EMV card offers the highest level of security and works at over 200 countries accepting Visa cards at millions of merchants, ATMs that dispense local currencies. Customers can now carry different currencies in “one single card” which allows  locking  exchange rates at the time of purchase, eliminates currency conversion charges and enables ability to  move money between wallets  along with  a well-disposed online tracking system to keep a complete tab on their spends. “
 
The card comes with 5-year validity and works across the world at all Visa accepting merchants, ATMs that dispense local currencies. It comes with a complementary lost card liability insurance and complementary air accident insurance cover. Further, customers can keep track of spends across wallets online. 
 
KMB is offering additional benefits on the prepaid card to Corporates. The card can be personalised for senior executives and offered at different price points. It will help reduce administrative work as card churn on account of different travel requirements will be greatly reduced.