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BookMyForex and YES BANK launch co-branded forex card on Visa

Sudarshan Motwani

Sudarshan Motwani, Founder, BookMyForex

Indian FinTech startup for foreign exchange and remittances BookMyForex.com (BMF) has tied up with private lender YES BANK to launch a co-branded multi-currency forex travel card. With the Visa supported card, Indian customers will now be able to buy Forex Travel Cards at the click of a button on the BookMyForex platform and get free doorstep delivery across major cities in India.  Chennai-based  M2P Solutions P Ltd has helped create the product for Yes Bank and BMF.

The BMF-YES card would allow travelers to load up to ten-odd currencies on the card. Besides, customers will receive real-time notification alerts and view the INR equivalent of all spending amounts so that they track their currency wise balances, locate surcharge-free ATMs nearby and reload their travel cards while on the go. Additionally, in case of suspicious transactions, the card can be easily locked or blocked by the traveler without assistance from customer service.

Sudarshan Motwani, Founder & CEO, BMF said in a statement that, “We want to bring complete transparency in foreign exchange rates and promote cashless forex transactions. BookMyForex-YES Bankcard allows us to offer customized payment solutions to suit varying requirements of international travelers. We shall soon be launching several new variants of this card that will allow never-before features.” He further added that the customers would soon be able to manage the travelcards on BMF’s mobile app.

Besides, to further promote the sale of forex travel cards over forex currency notes, the company plans to offer ZeroMargin or exact Inter-Bank rates 24×7 on forex card sales. BMF is also offering new age and increasingly popular contactless cards that allow a user to simply tap their card on a P0S terminal, a must-have feature in countries such as the UK where some merchants only allow contactless payments, the company added.

Ritesh Pai, Chief Digital Officer, YES BANK said, “YES BANK is pleased to partner with BookMyForex to provide efficient digital payment solutions coupled with value-added services to customers while traveling abroad. Such a partnership reinforces the trust of industry players in the Bank and stands testament to its digital-first approach in implementing new-age banking solutions for the ease of its customer.”

With an increase in growth in overseas travel among Indians, the risk of fraud on credit and debit cards has also increased substantially. Besides, there is always an added risk of carrying physical currency. In a bid to solve these new-age problems, may banks and private FinTech players in the country are focusing on introducing forex cards, which works like a prepaid debit card.

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