International alternate model Travelex has seen main year-on-year development of its pay as you go Travelex Cash Card, outpacing trade forecasts of pay as you go journey card market development. Travelex has seen a 49% improve in Travelex Cash Card reload transactions (prospects including foreign money to their card) between January and Might in comparison with the identical interval final 12 months, alongside a 50% improve in card reload penetration (the proportion of Travelex Cash Card reloads vs purchases of money).
The surge in prospects selecting Travelex’s pay as you go card product outpaces Allied Market Analysis knowledge, which forecasted a 15.3% CAGR within the pay as you go journey cash card market between 2023 and 2032.
“Travellers need to entry, top-up and handle journey cash in a safe and dependable means. Our pay as you go Travelex Cash Card permits prospects to simply finances, get aggressive Travelex charges and spend at any time when and wherever” mentioned Simon Jackson, Chief Buyer Officer at Travelex.
Travelex has additionally seen a ten% year-on-year improve in conversion fee in its TMC app, as extra prospects who started a card reload finalised the acquisition.
The rise in conversion fee is attributed to Travelex relaunching its Travelex Cash Card app final 12 months, with the brand new app providing prospects an improved consumer expertise. The UK app permits prospects so as to add as much as 22 totally different currencies, test their steadiness and transactions, view their card particulars, and freeze and unfreeze their card for fast safety.
“We’re delighted that our new Travelex Cash Card app has been a serious driver of Travelex Cash Card development. The app presents prospects a quick and seamless top-up expertise, making it even simpler to spend safely overseas,” added Jackson.
