- Offers you a safe, secure and convenient way to carry foreign currency anywhere in the world
- Provides multiple currencies on one card
- Chip & Pin secure
- 24X7 dedicated call centre
- Complimentary emergency assistance
Mumbai, 8 September, 2014: State Bank of India and MasterCard today announced launch of Multi- Currency Foreign Travel Card through identified State Bank branches. The card which is available in Retail and Corporate variants will allow the consumers to pay conveniently through this card in multiple currencies. It will be available in 4 currencies (USD, GBP, Euro and SGD) initially and eventually be made available in all major currencies.
Speaking on the launch, Mr. S K Mishra, Deputy Managing Director (Corporate Strategy and New Business) State Bank of India said, “Outbound travel from India is growing at a rapid pace, with 35 million people travelling outside India. This is expected to grow to 50 million in 2020. Consumers expect smart payment products to address their travel needs and Multi-currency Foreign Travel Card provides customers the choice and convenience to use a single card to pay in multiple currencies and gives an option to load currencies of choice at State Bank’s branch network. Presently, the Card can be issued/ reloaded/ refunded at 100 selected branches of Mumbai, Delhi, Chennai and Bangalore Circles and can be loaded in any/all of the four currencies (USD, GBP, Euro and SGD). The number of branches and currencies will be increased going forward.
Mr. Ari Sarker, Divisional President, MasterCard, South Asia, said,“As Indians become more affluent and tap their passion to travel, they need a product that offers a wide range of benefits that allows them the freedom and convenience to do so. While the opportunity and need was apparent, our next step was to find the right partnership for this project. SBI was a natural choice, keeping in mind their strength and capabilities to provide this initiative with the required back-end support and infrastructure. MasterCard is committed to providing convenient and safe payment options to cardholders worldwide, and this new multi- currency foreign travel card offers travelers an easy alternative to carrying multiple currencies along with added value and security that they expect.”
MasterCard’s Multi Currency Card is one of the most advanced multi-currency programs in India. It is not only Chip and Pin based but also provides unparalleled global emergency assistance services like complimentary card replacement, cash delivery, medical and lawyer assistance services, besides providing online account management services and 24 hours call centre support. The product is backed by MasterCard’s powerful acceptance network of over 35.9 million merchant establishments and 1.9 million ATMs worldwide.
About State Bank of India
State Bank of India (SBI), with a 208 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, consumers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 58.60% ownership.
The origins of State Bank of India date back to 1806 when the Bank of Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the Reserve Bank of India acquired the controlling interests of the Imperial Bank of India and SBI was created by an Act of Parliament to succeed the Imperial Bank of India.
The State Bank Group consists of SBI and five associate banks. The group has an extensive network; with over 20,000 plus branches in India and another 190 foreign offices spread over 36 countries across the world. As of 31st March 2014, the group had assets worth Rs. 23,95,981 crores, deposits of Rs. 18,38,852 Crores and capital & reserves in excess of Rs. 1,47,371 crores. The group commands over 23% share of the domestic Indian banking market.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAPand @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
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