Rev Worldwide Collaborates with Alfardan Exchange and Commercial Bank to offer Qatar’s First Prepaid Multi-Currency Travel Card

August 25, 2014     By : Chiraag

On Aug. 23, 2014, global, multiplatform payment- and loyalty-technology provider Rev Worldwide entered into a partnership with Alfardan Exchange, a leading exchange house in Qatar, and Commercial Bank, a leading full-service bank in Qatar, to develop the country’s first prepaid, multicurrency travel card, according to news from Zawya.com. Visa is also involved, marking the first time it has offered a prepaid, multicurrency card in the Middle East.

“The new Alfardan Exchange Visa Travel Money Card offers a great opportunity to offer the right product to the right customer, at the right time,” said Dean Proctor, Commercial Bank’s EGM for retail and consumer banking. “We know customers use Alfardan Exchange to purchase their foreign currency when they are about to travel overseas. Now we are offering, through Alfardan Exchange branches, the ability for customers to purchase this foreign currency and put it on a universally accepted prepaid reloadable card. This is much more secure for the customer, and gives them real time access to their funds at all times. We look forward to the success of this new product.”

  • The card can be preloaded with five different currencies: U.S. dollars, Qatari riyals, euros, dirhams and British pounds.
  • The money can be accessed through the card at a merchant POS, or an ATM, in the same way a credit or debit card is used, wherever Visa is accepted.
  • The new card is available at all Alfardan Exchange branches in Qatar.
  • According to Alfardan, the card provides a seamless way of carrying foreign currency, citing several advantages over carrying cash during travel.
  • Initial foreign-exchange rates are the same as those for cash, and the rates are locked in at the time of sale.
  • Lost or stolen cards can be blocked and replaced, and used cards can be easily reloaded for subsequent trips.
  • The user can also set up secure account websites and mobile apps, giving him real-time access to all the required information about his spending.
  • Depending on the user’s travel plans, the new card also enables travelers to switch funds between different currencies.

“Visa is proud to partner with Commercial Bank of Qatar, Alfardan Exchange and Rev Worldwide to launch its first Visa Travel Money card in the MENA region,” said Ihab Ayoub, Visa’s general manager for the Middle East and North Africa. “Customers can look forward to enjoying the conveniences of buying more than one foreign currency on a reloadable Visa prepaid travel card that will also be accepted online. This latest product reiterates Visa’s commitment to support innovative financial solutions in the region that promise a convenient and secure payment experience.”

“We have been looking at taking our innovative multi-currency travel products to the Middle East for some time, and we are thrilled our first product will be in partnership with Commercial Bank and Alfardan Exchange,” stated John Mitchell, CEO of Rev Worldwide. “Customers in the middle east are ready for a more convenient way to transact as they travel across borders.”

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Chiraag

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading & Blogging with focus on New Innovation, Technology & Startups in the Payments Space.
Twitter:@chiraagpatel21