JPMorgan Chase & Co. is trying to replace some travelers checks by offering software that can create U.S. dollar-denominated prepaid cards for Indians traveling abroad.
The New York company announced Monday that Yes Bank Ltd. of Mumbai will sell the cards at its 101 branches in India.
The cards, which will run on the Visa Inc. network, can also be used to withdraw cash at automated teller machines outside India, Nepal, and Bhutan.
JPMorgan Chase said in a press release that the cards are "an ideal alternative" to travelers checks and purchasing foreign currency, because they provide "added security and convenience."
Arun Agrawal, the president and global head of international banking at Yes Bank, said in the release that the arrangement capitalizes on JPMorgan Chase's knowledge of the prepaid card market and "will allow us to provide our clients with quality cards without having to build our own infrastructure."