Mastercard and Canada Post Introduce Multi-currency Prepaid Card
TORONTO, Feb. 22, 2017 /CNW/ - Mastercard and Canada Post, with collaboration from Payment Source Inc. and Peoples Trust Company, today announced the launch of Cash Passport, the latest payment solution for smart and simple travel. The contactless (tap) card, which allows you to load up to seven currencies at a time, is a convenient and secure alternative to pockets full of cash or travelers' cheques and can be used at millions of ATMs and merchants worldwide anywhere Mastercard is accepted. Cash Passport can be purchased using debit or cash at 2,600 Canada Post locations and reloaded at 6,000 locations or online.
Take control of your budget
Pre-loading your Cash Passport gives you more control of your travel budget. By locking in foreign currency exchange rates in advance, Canadian travelers need not worry about currency fluctuations during their trips. Fixed ATM fees and no transaction fees on international purchases make it easy to keep track of exactly what you've paid in local currency and how much you have remaining on your card. You can also manage your money online, move money between currencies and check your balance whenever and wherever after registering a card on cashpassport.ca.
"Whether you're a globetrotter, an exchange student, or someone who shops online from international merchants, Cash Passport is the smart and simple solution that allows you to better manage your overseas spending," explains Donna Kinoshita, Senior Vice President, Global Products & Solutions, Mastercard Canada. "Together Mastercard and Canada Post are making this a winning experience for Canadians by offering cardholders the ability to purchase and reload via Canada's largest retail network."
"Adding to the convenient payment solutions available at our post offices, we are pleased to be working with Mastercard to offer the Cash Passport that will help our customers simplify their shopping at global retailers, whether online or abroad," says John Reis, General Manager of Retail, Canada Post. "We are continually evaluating the changing needs of Canadians to provide them with this kind of relevant and consumer-friendly product that can be accessed at local post offices across Canada."
Travel with confidence
Cash Passport holds up to seven currencies (CAD, USD, EUR, GBP, JPY, AUD and MXN). The flexibility and added functionality of the multi-currency Cash Passport means that as long as you have more than one currency loaded, the card will automatically select the next available currency if you have insufficient funds of the currency you need. And if you do not have the currency of the country you are visiting on your card at all, you can still use Cash Passport to make a payment.
Choose convenience and safety
Cash Passport is not linked to a bank account or a bank card, which means loading and reloading is not confined to a cardholder's banking relationship. Canadians can purchase and reload a Cash Passport by visiting their local Canada Post outlet and the card is ready to use immediately. The card is chip and PIN enabled for added security and can be used at millions of ATMs, points of purchase and online anywhere that accepts Mastercard. If your Cash Passport is lost or stolen, a dedicated team is available 24 hours a day, seven days a week, to help you wherever you are in the world.
Cash Passport is made available at Canada Post through collaboration between Mastercard and Payment Source Inc., Canada Post's partner for retail products distribution.
Further details on Cash Passport are available at www.cashpassport.ca.
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 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 @MasterCardCAnws, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
About Canada Post
Canada Post is the country's No. 1 parcel company, delivering nearly two of every three parcels that Canadian consumers order online. It reaches 15.8 million addresses, operates the country's largest retail network, and offers affordable and reliable service with convenient pickup and return options for online shoppers. Together, Canada Post, Purolator Holdings Ltd. and SCI Group Inc. offer market-leading end-to-end solutions for e-commerce shippers by leveraging the assets and expertise of the Canada Post Group of Companies.
About Peoples Trust Company
Peoples Trust is a federally chartered financial institution that has been providing financial services to Canadians for over 30 years. For more than a decade, Peoples Trust has been providing comprehensive issuing services for prepaid and credit cards through its subsidiary Peoples Card Services. Their regulatory expertise and market guidance have helped card program managers from around the world establish, launch and grow card programs in Canada. Peoples Trust has issued more than 30 million cards in more than 750 programs across Canada, totaling more than $1.2 billion loads last year. For more information, visit peoplescardservices.com.
About Payment Source Inc.
Payment Source provides prepaid mobile top ups, gift cards and financial products and services to more than 15,000 retailers across Canada. Payment Source has the solution for every retail environment, including POS terminals, PC applications, mobile apps and integrated solutions. Through the proprietary Loadhub® network, Payment Source provides secure, real-time in-person payments capability in every community across Canada. Loadhub is the best possible solution for customers of reloadable card programs, mobile wallets, and anyone else looking to load funds to an account or take one-time payments or collections.
Cash Passport is issued by Peoples Trust Company under licence from Mastercard International Incorporated.
SOURCE Canada Post
For further information: Giovana Chichito, Ketchum Public Relations, 416-355-7422, [email protected]