Visa launches 'TravelPay Card' with no currency exchange or overseas payment fees

Fintech 'Travelwallet' Launches Overseas Payment Specialized Service
Low Currency Exchange Fees Applied, Overseas Payments Possible with One App

[Asia Economy Reporter Ki Ha-young] Visa announced on the 15th that it has launched the overseas payment specialized service 'Travel Pay Card by Travel Wallet' in collaboration with the domestic fintech startup 'Travel Wallet'.

'Travel Pay Card' is a prepaid card that allows users to exchange and store the desired foreign currency in advance and then make payments in that currency. It can be used in the form of a digital card through the Travel Wallet application (app). Currently, it supports exchange in a total of 13 currencies (United States, Europe, Japan, United Kingdom, Thailand, Vietnam, China, Indonesia, Malaysia, Philippines, Singapore, Hong Kong, Australia). Major currencies such as the dollar, euro, and yen have no exchange fees, while other currencies are subject to exchange fees of less than 0.5%, which is a distinctive feature.

This service is expected to reduce the fees incurred when making payments for overseas travel or on overseas direct purchase sites, allowing safe and convenient payments without carrying local currency. In particular, various benefits tailored to the growing overseas direct purchase payment market in the COVID-19 era will be provided.

Travel Wallet is the first domestic beneficiary of Visa's fintech support program, 'Fintech Fast Track.' It signed a license agreement with Visa in April last year.

Patrick Yoon, President of Visa Korea, said, "Collaboration with fintech is essential for building and expanding an innovative payment ecosystem and is indispensable at every point where payment is needed. We will continue to add cases where capable domestic fintech companies spread their wings in overseas markets together with Visa."

This content was produced with the assistance of AI translation services.