Travelex has seen a major year-on-year growth of its prepaid Travelex Money Card in Australia, powered by Mastercard (TMC), outpacing industry forecasts of prepaid travel card market growth.
Travelex has seen a 31 per cent increase in Travelex Money Card reload transactions in Australia (customers adding currency to their card) between January and May compared to the same period last year, alongside a 54 per cent increase in card reload penetration (the proportion of Travelex Money Card reloads vs purchases of cash).
The surge in customers choosing Travelex’s prepaid card product outpaces Allied Market Research data, which forecasted a 15.3 per cent CAGR in the prepaid travel money card market between 2023 and 2032.
“Travellers want to access, top-up and manage travel money in a secure and reliable way,” Travelex chief customer officer, Simon Jackson, said. “Our prepaid Travelex Money Card enables customers to easily budget, get competitive Travelex rates and spend whenever and wherever.”
Travelex has also seen a 10 per cent year-on-year increase in conversion rate in its Travelex Money Card app, as more customers who began a card reload finalised the purchase.
The increase in conversion rate is attributed to Travelex relaunching its Travelex Money Card app last year, with the new app offering customers an improved user experience. The Australian app allows customers to add up to 10 different currencies, check their balance and transactions, view their card details, and freeze and unfreeze their card for instant protection.
“We’re delighted that our new Travelex Money Card app has been a major driver of Travelex Money Card growth,” Jackson added. “The app offers customers a fast and seamless top-up experience, making it even easier to spend safely abroad.”
