Multi-currency prepaid cards can make international travel payments simpler by allowing consumers to hold and spend multiple currencies from a single account. Volopa’s prepaid card is designed to reduce the friction and expense travelers can encounter when exchanging currencies or using traditional debit and credit cards abroad.
Supported by Global Processing Services’ payment processing platform, the card automatically identifies the local currency when used at merchants or ATMs and draws from the corresponding balance when available. Combined with mobile and web-based account management, real-time transactions, currency exchange, and card controls, the offering demonstrates how prepaid technology can provide travelers with greater flexibility and control over international spending.
Volopa a foreign exchange fintech and London-based payment company is seeking to make travel to multiple countries seamless from a payments perspective with its multi-currency prepaid card. Utilizing Global Processing Services (GPS) processor platform which offers:
- Single global processing platform for next generation programs
- Scalability, simple integrations utilizing over 90 open APIs to suit a wide range of clients
- Certified by Mastercard and Visa as third-party issuer processor (Europe, US, Latin America, Middle East, Africa, Asia-Pacific)
- Ability to support external authorization
- Supports ALL currencies
- Fully tokenized, enabling Program Managers and Issuers to not require PAN
- Proven interface capabilities with 40 global card manufacturers
- PCI DSS v3.2 level 1 compliant across each of our data centers
“Customers can hold and spend up to 14 local currencies on the cards. The prepaid cards automatically detect the local currency when making purchases at merchants or ATMs abroad and use the local currency for the transaction with no additional conversion or foreign transaction charges typically associated with using debit or credit cards abroad. Customers can also spend in any other currency as long as they have the base currency on the cards. The cards come with secure and intuitive mobile and web based applications enabling customers to seamlessly manage their cards, monitor and control their expenditure on the go. This includes the ability to see transactions in real time, instantly top up and exchange currencies 24/7, block cards and transfer funds between cards.”
Not only do they offer individual accounts, a corporate version is available as well. Add in a key strength of Volopa to deliver custom branded cards presents a unique advantage in the marketplace. For travelers that visit multiple countries in one visit the convenience of not having to convert currency or to pay the typical 3% currency transaction fee is a big differentiator.
For consumers who regularly travel across multiple countries, multi-currency prepaid cards can offer a compelling alternative to traditional payment methods. The ability to hold multiple currencies, automatically pay in the appropriate local currency, and avoid certain foreign transaction and conversion fees can simplify both travel and expense management.
Volopa’s consumer and corporate offerings also illustrate the broader opportunities for prepaid programs in international payments. Features such as digital card management, real-time spending visibility, custom-branded cards, and support for numerous currencies can make prepaid cards particularly useful for travelers and businesses managing cross-border spending.
Overview by Sue Brown, Director, Prepaid Advisory Service at Mercator Advisory Group