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Reliance Money has launched a Visa-branded, multicurrency card in collaboration with Citibank, a spokesperson for the India-based financial-services company tells CardLine Global. The card is designed for travelers. Consumers can use the reloadable prepaid card for transactions denominated in U.S. dollars, euros and United Kingdom pounds, the spokesperson says. Consumers pay 100 rupees (US$2.10 or 1.50 euros) for the card. Reliance, which hopes to attract 10,000 cardholders within the first year, is working with Citibank because Indian regulations prevent it from issuing its own cards, the spokesperson adds. "This new initiative by Reliance Money will be successful in replacing travelers checks provided the transaction fees levied on such services are not too high," Prathima Rajan, an-India-based analyst for United States-based Celent, tells CardLine Global.
