Travelex and MasterCard composed a strategic alliance

Travelex, the world’s largest foreign currency prepaid cards provider, and MasterCard Worldwide announced today that the relationship between these two campnies will be extended and the global prepaid transaction processing capabilities of MasterCard will be implemented. As part of the new global agreement Travelex, which already issues and distributes MasterCard Cash Passport™ cards, will launch new MasterCard branded consumer and corporate Cash Passport programs around the world utilizing IPS. Travelex will also convert existing programs to MasterCard. As Robert Gogel, Chief Executive Officer, Travelex Group affirms, the agreement with MasterCard will provide Travelex with the speed and processing advantages we need as part of company’s plans to expand the usage of Cash Passport prepaid currency cards for foreign exchange. With this enhancement to its global offering, Travelex will be able to re-engineer its existing prepaid offerings and efficiently pursue new growth opportunities in the consumer travel, airline and maritime industries with minimal infrastructure investment. In addition, Travelex is tapping into the expertise of MasterCard Advisors to optimize its global prepaid card portfolio. Walt Macnee, President, International Markets, MasterCard Worldwide, said: “We are very excited that Travelex, the global leader in foreign exchange payments, has decided to extend the relationship with MasterCard and leverage our comprehensive prepaid expertise to ensure its continued growth and expansion into new markets. This new agreement is testament to the strength of our global prepaid offerings, which combine our global payment expertise, the advanced processing capabilities of MasterCard IPS and the power of our global brand.”