PHOTOGRAPHY: GETTY IMAGES / ALAMY
On the international level, prepaid
debit cards allow travelers to load up
multiple currencies onto a single card,
offering a payment method in each
c o u n t r y t h e t r a v e l e r w i l l v i s i t .
Essentially, these prepaid travel cards
are the modern equivalent of traveler’s
c h e c k s b u t w i t h o n e i mp o r t a n t
difference — they can be canceled and
replaced immediately if lost.
Prepaid international travel cards
operate using the VISA or MasterCard
network, and you use them just as you
would use a regular credit card.
Typically they are protected by the chip-
and-PIN system but because they are
not directly linked to your bank account,
any losses through fraud or theft are
limited to the value stored on the card.
There is increasing evidence that
globetrotters are actively seeking out a
cashless ecosystem to simplify trips.
Thomas Cook India, for example,
Sweden is leading the race to become the
world’s first cashless country.
recently revealed a 25 percent growth in
its prepaid card services. While the
cards offer substantial gains in security
and flexibility, users should be aware
that exchange rates offered by providers
may not be as competitive as spot rates
offered by banks.
Travel-card use is certainly gaining
momentum, but the technology is set to
be e c l i p s ed by sma r t phone s and
smartwatches. Near-field communication
(NFC) is capable of emulating travel
cards, giving users the option of paying
for goods and services using Google
Wallet or ApplePay. And if that wasn’t
enough, financial technology is on the
verge of tearing down geographical
boundaries to create a global currency.
Blockchain-based payment systems such
as Bitcoin offer the tantalizing prospect
of being able to pay for anything in any
country at the push of a button. Still in its
infancy, Bitcoin may well be the
international currency of choice should
the world’s big financial institutions
decide to adopt it.
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