Corp Bank, J P Morgan launch VISA US Dollar prepaid travel cards

Bangalore, Sep 9 (UNI) Public Sector Corporation Bank General Manager B R Bhat today said the Bank proposed to introduce VISA prepaid cards in currencies of various countries.

Announcing the launch of VISA US Dollar prepaid travel cards, he told newspersons here it was aimed at helping travelling public and business executives.

''Currencies of other countries would also be included very shortly depending on the demand,'' he said.

The Corporation Bank has entered into a collaboration with J P Morgan for issuing the Card. While the Bank would issue the Card, Morgan would manage the reconciliation abroad, he said.

Mr Bhat said the number of people travelling abroad had grown by 16 per cent in 2007 and it was expected to grow further by 25 per cent during the current fiscal. Last year, eight million Indians travelled abroad. The total amount spent by these travellers was estimated at USD 611 per capita and USD 802 per person, according to the latest survey.

Stating that there was tremendous scope for such a card, he said the country's net revenue from foreign exchange was to the extent of USD 10.12 billion. The Corporation Bank targetted to issue 25,000 cards during the current fiscal.

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