Payment Source is pleased to announce the launch of Mastercard Cash Passport, the latest payment solution for smart and simple travel. This contactless (tap) card, which allows you to load up to seven currencies at one time, is a convenient and secure alternative to traveling with large amounts of cash, your bank debit card, or traveler’s cheques. Cash Passport can be purchased at 2,600 Canada Post locations across the country, reloaded at all 6,000 locations and can be used worldwide wherever Mastercard is accepted.
Cash Passport holds up to seven currencies (CAD, USD, EUR, GBP, JPY, AUD, and MXN). The flexibility and added functionality of the multi-currency Cash Passport means that as long as you have more than one currency loaded, the card will automatically select the next available currency if you have insufficient funds of the currency you need. And if you do not have the currency of the country you are visiting on your card at all, you can still use Cash Passport to make a payment. You can also manage your money online, move money between currencies and check your balance whenever and wherever after registering a card.
Pre-loading the Cash Passport travel card gives consumers more control of their travel budget. By locking in foreign currency exchange rates in advance, Canadian travelers do not need to worry about currency fluctuations during their trips. Fixed ATM fees and online reporting make it easy to keep track of exactly what you’ve paid in local currency and how much you have remaining on your card.
"I recently used the Cash Passport on a family trip to Australia, and it was nice to know that my vacation finances were the one area of the trip that I didn't have to worry about” says Trevor Cook, CEO of Payment Source. “A key advantage of the Mastercard Cash Passport is that it's instantaneous. All you need to do is walk into a Canada Post location and buy the card. There's no waiting. You can leave with the card that day and it's ready to use on your trip."
Cash Passport is not linked to a bank account or a bank card, which means loading and reloading is not confined to a cardholder’s banking relationship – Canadians purchase and use a Cash Passport by visiting their local Canada Post outlet. The card is chip-and-PIN enabled for added security and can be used in millions of ATMs, points of purchase, and online anywhere that accepts Mastercard. Like other Mastercard payment solutions, Cash Passport is regularly monitored to detect unusual behavior. If something suspicious is spotted, you’ll be contacted to check your transactions. If your Cash Passport is lost or stolen, a dedicated team is available 24 hours a day, seven days a week, to help you wherever you are in the world.
Cash Passport is made available at Canada Post through collaboration between Mastercard and Payment Source, Canada Post’s partner for retail products distribution.
About Payment Source Inc.
Payment Source provides prepaid mobile top ups, gift cards and financial products and services to more than 15,000 retailers across Canada. Payment Source has the solution for every retail environment, including POS terminals, PC applications, mobile apps and integrated solutions. Through the proprietary Loadhub® network, Payment Source provides secure, real-time in-person payments capability in every community across Canada. Loadhub is the best possible solution for customers of reloadable card programs, mobile wallets, and anyone else looking to load funds to an account or take one-time payments or collections. Learn more about Payment Source at www.paymentsource.ca.
About Mastercard
Mastercard (NYSE: MA) is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Learn more about Mastercard at www.mastercard.com.
About Canada Post
Canada Post is the country’s No. 1 parcel company, delivering nearly two of every three parcels that Canadian consumers order online. It reaches 15.8 million addresses, operates the country’s largest retail network, and offers affordable and reliable service with convenient pickup and return options for online shoppers. Together, Canada Post, Purolator Holdings Ltd. and SCI Group Inc. offer market-leading end-to-end solutions for e-commerce shippers by leveraging the assets and expertise of the Canada Post Group of Companies.
About Peoples Trust Company
Peoples Trust is a federally chartered financial institution that has been providing financial services to Canadians for over 30 years. For more than a decade, Peoples Trust has been providing comprehensive issuing services for prepaid and credit cards through its subsidiary Peoples Card Services. Their regulatory expertise and market guidance have helped card program managers from around the world establish, launch and grow card programs in Canada. Peoples Trust has issued more than 30 million cards in more than 750 programs across Canada, totaling more than $1.2 billion loads last year. For more information, visit peoplescardservices.com.
Press Contact For Payment Source:
Allison Cutler
Director, Marketing & Communications
Payment Source
416.255.8897
Press Contact for Cash Passport:
Giovana Chichito
Ketchum Public Relations
416-355-7422