MasterCard Europe is set to launch an innovative new payment system for use abroad as an alternative to credit cards and travellers cheques.
Cash2Go, developed by MasterCard in association with the International Currency Exchange (ICE) is a PIN secured Maestro debit card that can be loaded with pre-paid sterling, US dollars or euros.
According to Finextra, Cash2Go offers travellers instant, secure access to cash abroad, as well as allowing users to pay for goods without the need for hard currency.
The minimum pre-pay amount is £50, US $50 or €50, and the maximum is £2,500, $2,500 or €2,500. The card is activated when users call a freephone number and receive a PIN.
Keith Hobbs, vice president and head of business development at MasterCard Europe, said that Cash2Go "offers consumers a great opportunity to get easy, safe, and secure access to their money."
The card is currently being piloted at ICE exchange bureaux across the UK as well as at certain branches of travel agent, Travelcare.
Recent research by independent financial website moneysupermarket.com claimed that credit and debit card holders currently waste £541 million in charges abroad each year.Click here to compare the best credit card rates.
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