FOO launches a prepaid travel card

Wednesday 7 June 2023 12:42 CET | News

UAE-based B2B fintech solutions provider FOO has launched a prepaid travel card and white label digital wallet that addresses the needs of travellers.


The new card is customisable and comes with a digital wallet that allows banks to provide their customers with a convenient purchasing experience at home as well as abroad. 

One of the solutions that come with the travel card is an instantly issued prepaid card that allows users to top it at any time. Additionally, the offering features a white-label digital wallet app that incorporates wallets for different currencies. As a result, the card allows for real-time card and currency management. 

Depending on the requirements of the partnered bank, the product can be further fitted with additional modules that can include a wide array of extra features such as ATM withdrawals or digital onboarding.

The main advantage of such a card is that users can top it by transferring funds from their other bank accounts and then convert them into foreign currencies via the app, without transaction or exchange charges. Whenever the customer has to pay using a specific currency, the card will cover the cost with money from the specific wallet that keeps the needed currency. What is more, users have visibility over their expenses and wallets via the app. 

Given its flexibility in terms of the multiple currencies that it supports, the card is particularly handy for travellers.

As FOO specialises in delivering custom-built financial microservices that are developed using a modular model, its travel card offering can be ready to launch in around six weeks, depending on one’s desired level of customisation.

SaaS solution provider FOO has announced the launch of a prepaid travel card and white-label digital wallet that can support multiple currencies.

The travelling industry post-pandemic

After the end of the pandemic, the travel industry has seen a significant resurgence. However, given the progress made in the development of new payment methods in the last few years, the industry has to make certain efforts to align with the new needs of travellers.

Following the adoption of new technologies in payments, customers now expect a certain level of convenience. The main change that can be seen is the shift towards digitalisation. According to recent research, digital payments have seen similar levels of adoption in Europe and North America, with Asia at the forefront.

Considering the circumstances, the introduction of alternative payment methods and tools, such as prepaid travel cards, that cater to the convenience of the customers is essential.  

As one report on the expected impact of prepaid cards has shown, the value of transactions via global digital cards is expected to exceed USD 3.98 trillion by 2028. This would mark an estimated 650% boost in digital prepaid card usage.

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Keywords: product launch, virtual card, digital payments, travel payments, local payment method, cross-border payments
Categories: Payments & Commerce
Companies: FOO
Countries: World
This article is part of category

Payments & Commerce


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