From Mobile Technology to South Asia: American Express taps travel card business in India
American Express already leads the pre-paid travel products segment in India.
american expressHowever, in a bid to boost its leadership status even further, the international payments and settlements company plans to break into the prepaid travel card business there.
American Express is set to formally launch the American Express Global Travel Card in India in the near future, following a successful soft-launch last month.
The reloadable pre-paid travel card was soft-launched a month ago on a pilot basis, the response to which was “better than expected”, according to James Mirfin, vice-president and general manager of Global Payment Options at American Express India.
We thought corporate travellers would be most interested but we have witnessed a significant number of leisure travellers and students also using the American Express Global Travel Card,” he said.
And with the revenue potential of prepaid cards in India expected to be $218 million (£135 million) by 2015, it looks as though the current success is set to continue. Added to which, the predicted annual growth for the foreign card is a whopping 20% in the next 3-5 years.
American Express Global Travel Card – is it a good deal?
First and foremost, the card is simple to use: all cardholders need do is swipe and sign to pay with merchants, or use their PIN at ATMs. Money can be reloaded at your own pace and convenience and it is simple to manage, as account balance and transaction history can be viewed online or by phone regardless of your location.
The card has a three year life span, but if you should lose it or have it stolen, when reported you will be sent a replacement card free of charge to your chosen destination. You will also receive a backup card at purchase with a separate PIN, which can be activated should you lose the original card, or be a victim of theft. At the end of the three year life span, leftover funds can be transferred to another card.
The American Express Global Travel Card also gives you access to emergency services from Global Assist, including emergency travel, lost passport and lost luggage assistance, medical and legalassistance referrals and medical transport.
From South Asia to iPhone 5 Mobile Technology
The move to India follows the news that American Express could be coming to Apple’s iPhone 5 feature Passbook, and as many people use AmEx on a daily basis, it could be the key to Passbook’s success.