expanded its footprint in the global prepaid debit card
market this month when it acquired the Card Program Management
operations of Travelex. Frequent business travelers recognize the
Travelex brand from its successful currency conversion service bureaus
in major airports and world capitals. The company pioneered the use of
stored value debit cards to eliminate much of the hassle of paying for
routine expenses during international trips.
Now that prepaid
have attracted interest from a broader consumer market,
MasterCard officials say that they intend to build on the Travelex
platform to reach even more customers through retail and online
channels. In a statement to reporters, MasterCard officials confirmed
that they would continue to operate the existing Travelex Cash Passport
product while finding ways to expand into new markets.
purchased the debit card unit for roughly $458 million in cash, with an
anticipated bonus payout of $55 million based on performance targets in
2011. Existing Travelex debit card customers should expect no change or
interruption in service, though MasterCard officials reiterated that
the payment platform provider had no intentions to issue debit or credit
cards directly to consumers.
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About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.