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Mumbai:
SBI and Visa International have launched the 'Vishwa Yatra
Foreign Travel Card,' a US dollar-denominated prepaid
travel card that is accepted at over 13 million merchant
locations with electronic terminals world wide.
The
card provides customers global access to cash in the regional
currency, at 850,000 Visa ATMs, worldwide.
Speaking
to the press on Monday, Mr A.K. Purwar, Chairman, SBI,
said: "Our target is to capture at least 35 per cent
of the Indian market in this business the next two years;
we already own 35 per cent of the foreign exchange market."
The
card will be available to all consumers and is aimed at
leisure and business travellers. It is being marketed
as a more convenient option for the customer, compared
to carrying cash or traveller's cheques.
The
load on the card ranges from a minimum of $500 to a maximum
of $10,000. Although the card is denominated in US dollars,
cardholders can undertake transactions in any currency
anywhere in the world, except India, Nepal and Bhutan.
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