In keeping with the world’s growing inclination towards paperless transactions, the traveller’s cheque seems to be gradually making way for its electronic counterpart — pre-paid forex travel cards. Uttam Nayak, Country Manager- South Asia, Visa India said, “According to a survey conducted by Visa in 2009, 40 per cent of business travellers in India used pre-paid cards on their business trips. The demand for pre-paid forex travel cards in India is growing among organisations in the country.”
According to a report in Economic Times, Nayak added that pre-paid forex travel cards is finding favour with organisations who bear their employees’s expenses on business trips overseas. It is also gaining popularity among students travelling abroad for studies, apart from leisure travellers. Credit card, though, continues to be the most popular electronic payment mode, with 80 per cent of the respondents saying they used the same for business expenses while travelling.
“While traveller’s cheques have been stagnant in the past three years, the use of pre-paid cards has grown. |