UPDATED: Cash Passport(TM) is the First Foreign Currency Prepaid Card in North America:

Travelex, MasterCard(R) and West Suburban Bank Team Up to Introduce the Newest Wave in Travel Currency LOUISVILLE, Ky., Feb. 29 /PRNewswire/ -- The first ever prepaid foreigncurrency card will soon be available in North America. Travelex, theworldwide leader in foreign exchange, has teamed with MasterCard(R) andWest Suburban Bank to create the Cash Passport(TM), debuting at the PrepaidCard Expo in Las Vegas, Nevada, March 3-5, 2008. The new Cash Passport cards are available in Euros and British Pounds.Because Cash Passport is denominated in foreign currency, the exchange rateis locked in at the time the card is loaded. For the consumer this meansthey avoid the risk of currency fluctuations. "Foreign currency prepaid cards make sense for financial institutionsand other currency sales outlets. More than 10 million trips(1) are made tothe UK and Europe by Americans every year and 84%(2) of them are preparedto buy pre-trip foreign currency from a bank," said Christopher Russell,Travelex's Executive Vice President of Outsourcing, Americas. "Travelex has700 locations worldwide and provides an unbeatable level of global supportfor Cash Passport and for all our offerings." A recent study, conducted by YouGov plc on behalf of Travelex, showsthat demand for this new product is already established with 43% of recenttravelers(3) likely to use a Cash Passport in the future. For respondentsthe security of PIN and signature protection (37%) and convenience of ATMwithdrawals (32%) were the most important features. When consideringforeign exchange purchases most US respondents, 37%, were looking for acompetitive exchange rate that the new Euro and British Pound cards providealongside the ability to lock-in those rates. In the same study, 66% of US respondents did not exchange theircurrency before they left for their last destination, compared to 29% fromAustralia and 15% from the United Kingdom samplings, indicating huge demanddevelopment potential in the US market. Travelex is the largest distributor of prepaid travel cards in theworld. The Travelex Cash Passport will be available at local banks, travelagencies and Travelex retail locations in North America in the secondquarter of 2008. Cash Passport will be available in Pound Sterling or Eurosand the card is re-loadable up to 24 times. Traveler cheques continue to decline in popularity as concern overcheque fraud continues to rise. The added requirement of carryingsignificant identification, such as a passport for verifying signatures,brings added security risks. The more secure Cash Passport carries only aset amount of currency and does not provide access to a traveler's entirebank account. Cash Passport can be used to withdraw money from ATMs or be used todirectly purchase goods and services anywhere MasterCard is accepted aroundthe world. The card also comes with certain protections that should thecard be lost or stolen the balance is protected and can be replaced eitherwith emergency cash or loaded onto a new currency card. Notes to editors: All figures, unless otherwise stated, are from YouGov Plc. Total samplesize was 995 adults. Fieldwork was undertaken between February 12th - 14th2008. The survey was carried out online. The figures have been weighted andare representative of all US adults (aged 18+). About Travelex: Travelex is the world's foreign exchange and business paymentsspecialist, operating through subsidiaries and branches in these regions:the Americas, United Kingdom; Europe, Asia Pacific; and Middle East andAfrica (EMEA). As one of the world's leading providers of outsourced travel money tobanks, travel agencies and other retailers it provides products includingits prepaid travel card to over three million channel customers annually.Through its world-leading automation Travelex offers consumers a full rangeof delivery channel options including telephone and web-based ordering.
(1) US Dept of Commerce, ITA, Office of Travel and Tourism Industries 2005 (2) Alternative Futures Research - International Foreign Exchange Market Monitor Report 2007 (3) Recent travelers defined as those who have traveled abroad from North America in the last 12 months.