Foreign exchange brand Travelex has seen a significant surge in the usage of its prepaid Travelex Money Card, with a 49% increase in reload transactions and a 50% boost in card reload penetration between January and May compared to the same period last year. This growth outpaces industry forecasts, which predicted a 15.3% CAGR in the prepaid travel money card market from 2023 to 2032.
According to Simon Jackson, Chief Customer Officer at Travelex, the rising popularity of the Travelex Money Card reflects travellers’ desire for a secure and reliable way to access, top-up, and manage their travel money. The card allows customers to easily budget, take advantage of Travelex’s competitive foreign exchange rates, and spend with confidence wherever they go.
Travelex has also seen a 10% year-over-year increase in conversion rate for its TMC app, as more customers who began a card reload ultimately completed the purchase. This is attributed to the relaunch of the Travelex Money Card app last year, which offers an improved user experience. The UK app allows customers to add up to 22 different currencies, check their balance and transactions, view their card details, and instantly freeze and unfreeze their card for protection.
“We’re delighted that our new Travelex Money Card app has been a major driver of Travelex Money Card growth,” said Jackson. “The app offers customers a fast and seamless top-up experience, making it even easier to spend safely abroad.”
The surge in Travelex Money Card usage underscores the growing demand for prepaid travel money solutions that prioritize budgeting, security, and convenience for globetrotting consumers. As the travel industry continues to rebound, Travelex is well-positioned to meet the evolving needs of modern travellers with its innovative card and app offerings.
