Full-service payment processing specialist, Quatrro Processing Services (Quatrro) has sealed a five-year business alliance to manage Forex Prepaid Card Processing with DCB Bank, a new generation private sector bank. Under the aegis of this alliance, Quatrro will drive DCB TravelSmart, the bank's Multi-Currency Forex Prepaid Card, by providing end-to-end technology and operations support.
According to a report by Tourism Australia, the number of Indians travelling abroad is set to rise from nearly 15 million to 50 million by 2020. Travelers are increasingly looking for safe, secure and convenient methods to carry foreign currency for overseas travel. DCB TravelSmart Card not only meets these requirements but is also a good way to manage currency exchange rate fluctuations as the card is valid for a period of five years, at the rate at which it was bought. DCB TravelSmart can accomplish this for 99 currencies on a single card, over a period of time.
Mr. Praveen Kutty, Head Retail & SME Banking at DCB Bank says, "A large portion of DCB Bank's customers travel to Middle East. As per Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi), Middle East saw around 25% increase in year-on-year overnight visitors from India. DCB Bank customers have expressed the need for using a multi-currency card. Quatrro has the fintech solution that has enabled DCB Bank to address this requirement. As per a report by LiveBean Hospitality on the Emerging Corporate and Leisure Market inIndia, Middle East and Asia Pacific are attracting more than two thirds of the total outbound trips from India. DCB Bank is confident of addressing the needs of this segment by offering a superior, smart and safe travel companion to all customers in the form of DCB TravelSmart."
Mr. T. R. Ramachandran, Group Country Manager, India and South Asia, Visa says, "One of the key findings of The Visa Global Travel Intentions Study 2015, is that Indian travelers undertake more international trips compared to the global average, to destinations across the world. Visa through its Forex card solutions offering, provides a significant opportunity to the banks in India to digitize a large portion of this spend through cards. We are excited by the opportunity and look forward to working with VISA-certified processors like Quatrro, who empower banks and financial institutions to address this opportunity."
Mr Rajesh Dhuddu, Senior Vice President at Quatrro says, "Issuance of multi-currency Forex Prepaid Cards, though the product has been around for couple of years, is limited only to select public and private sector banks. This is primarily on account of banks being apprehensive of investing in in-house technology and operations, to offer the product. As a result, several financial institutions either have stayed away from issuing the card or issue a white labeled card provided by other larger banks. Quatrro is well positioned to partner with these financial institutions to offer their own branded multi-currency Forex Prepaid Cards and further strengthen their banking services to end customers without incurring any significant upfront capital and continuing operational expenditures."