State Bank of India and MasterCard announced launch of multi-currency foreign travel card through identified State Bank branches. The card which is available in retail and corporate variants will allow the consumers to pay conveniently through this card in multiple currencies.
S K Mishra, deputy managing director (corporate strategy and new business) State Bank of India said, "Outbound travel from India is growing at a rapid pace, with 20 million people travelling outside India. This is expected to grow to 50 million in 2020. Consumers expect smart payment products to address their travel needs and multi-currency foreign travel card provides customers the choice and convenience to use a single card to pay in multiple currencies and gives an option to load currencies of choice at State Bank's branch network.
To start with, the card can be issued/ reloaded/ refunded at 100 select branches in Mumbai, Delhi, Chennai and Bangalore Cities and can be loaded in any / all of the four currencies (USD, GBP, Euro and SGD). The number of branches and currencies will be increased going forward."
Shares of the bank gained Rs 48.8, or 1.94%, to settle at Rs 2,564.20. The total volume of shares traded was 459,676 at the BSE (Monday).