The new multi-currency prepaid cards use the real market foreign exchange (interbank) rate to convert between 14 major currencies securely held on a single prepaid Mastercard® designed to help customers make the most of their money.
Volopa, a London-based payments and foreign exchange fintech, today announced the release of its new contactless multi-currency prepaid cards for consumers and businesses designed to make their money go further when converting currencies and spending abroad.
Volopa operates multi-currency prepaid card programmes using its proprietary platform and offers businesses the ability to provide their own branded card programmes which are powered by Volopa, as a way to increase brand awareness and customer loyalty.
Customers can hold and spend up to 14 local currencies on the cards. The cards automatically detect the local currency when making purchases at merchants or ATMs abroad and use the local currency for the transaction with no additional conversion or foreign transaction charges typically associated with using debit or credit cards abroad. Customers can also spend in any other currency as long as they have the base currency on the cards. The cards come with secure and intuitive mobile and web based applications enabling customers to seamlessly manage their cards, monitor and control their expenditure on the go. This includes the ability to see transactions in real time, instantly top up and exchange currencies 24/7, block cards and transfer funds between cards.
Volopa’s transactions are processed using the GPS Apex issuer processing platform. When selecting its processor Volopa felt that GPS presented an ideal partner based on their considerable experience in the fintech sector combined with exceptional platform capabilities and expertise.
Neil Harris, Chief Commercial Officer at Global Processing Services, said: “Volopa has truly created an exceptional product driven by the needs of its members to convert and transact in multiple currencies while looking for the best possible rate. I think that we will see more brands jump on the opportunity to launch their own branded business cards as the solution to increasing customer loyalty, engagement and retention. It’s great to see that our GPS Apex platform is enabling such innovations”.
Graham Smith, Managing Director at Volopa said: “Volopa is excited to launch its new contactless multi-currency prepaid cards which are another step forward in the company’s focus to maximise delight and deliver exceptional products at lower cost for our customers. A key strength of Volopa is its ability to deliver client branded cards which presents a unique advantage for Volopa in the marketplace where we are seeing strong demand for this proposition. We are very pleased to have partnered with GPS, chosen for their exceptional capabilities and experience within the fintech sector, and we look forward to continue to grow our businesses together.“
Volopa’s multi-currency cards are currently available through Volopa’s mobile app available for Apple and Android as well as through the website (www.volopa.com).