This year about half a million cards have been issued so far in India
According to CentrumDirect Ltd, an indian financial services company. there was a 27% growth in card volumes. More travellers are using prepaid cards in order to avoid the high exchange rates.
Along with low exchange rates, prepaid cards also have a security feature – they are chip-based and come with a back-up card. So there is no fear of being stranded abroad without any credit.
Currently, CentrumDirect issues their cards through an online portal as an authorized dealer through a couple of banks. The market size for prepaid forex cards is around $2 billion. About 70% of this gets spent abroad while the rest is exchanged back in India.
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