Leading public sector lender, HDFC Bank would be rolling out its multicurrency travel card in the market soon. The card would be targeted to corporate clients traveling abroad. The move comes as a result of increasing foreign travels, which has seen a rise in demand for the cards.
Travel cards are prepaid cards, which are loaded with currency at bank counters, and can later be used more or less like a debit card. Most banks offer different cards for different currencies, with a few exceptions offering multicurrency card.
HDFC Bank plans to include major currencies like US Dollar, Pound Sterling, Yen, Euro, Dirham, etc. It would be targeting the corporate clients, said a senior bank official.
The bank owns nearly a third of the forex cards market, and usage volume of $ 1.5 billion. Almost 90% of corporate spends are on these cards, while 10% is on travelers' cheque and currency.
Retail usage is pegged at 15%, but growing awareness and rising foreign travel has seen the leisure and retail segment to grow by 50%.