Citibank issues prepaid disposable travelers card

Citibank issues prepaid disposable travelers card

JAKARTA (JP): Citibank launched on Thursday the Citibank Visa
TravelMoney card, a prepaid disposable card that allows travelers
to withdraw cash at any Visa ATM in the currency of their
destination.

The vice president of Citicorp Travel Payment Services, Ian
Nott, said the card's biggest benefit was that it could be bought
and used by people who were not Citibank customers.

He said it worked like an ATM card, protected through an
individual personal identification number (PIN) protected. The
funds are stored in a host system.

"The card offers travelers a simpler and more convenient way
to carry and withdraw funds as they don't have to wait for hours
at the bank or money changers, like they have to do with regular
traveler's checks," he told a news conference.

Nott said that the card, an electronic alternative to
travelers checks, can be purchased at any Citibank branches in
amounts ranging from US$400 to $10,000. Up to eight additional
cards can be purchased to allow multiple users access to a
central pool of funds.

"We plan to extend the card's facilities so that it can serve
as a debit card and have its nominal value added without having
to buy a new card. Hopefully, we can realize the plan later on
this year," he said.

The card debuted in 1996 in many countries outside Asia and
Australia.

Indonesia is the fifth country in the region to launch the
card after Australia, Singapore, Philippines and India.

The country manager for Travel Payment Services, Maurene
Soemarjono, said Citibank projected a promising card sale in
markets which were dominated by regular traveler's checks.

"In Indonesia, we are hoping to be able to grasp up to 50
percent of the total regular traveler's check market worth abut
$525 million a year," she said.

"Our target markets are people who travel aboard quite
frequently, including businesspeople, overseas students and
families."

Nott said the card has no expiration date to allow cardholders
to withdraw local currency in any amount, subject to daily
transaction limits set by the ATM acquirer at their destination.

"And if you have a remaining balance at the end of your trip,
you can return to the branch where you purchased the card and
cash it in or apply the balance to a new Citibank Visa
TravelMoney card," he added. (cst)