Travelex reports surge in prepaid travel card popularity
Travelex, a leading foreign exchange brand, has experienced significant growth in its prepaid Travelex Money Card, outpacing industry forecasts.
Between January and May, Travelex saw a 49% increase in reload transactions and a 50% increase in card reload penetration.
This surge in customers choosing Travelex's prepaid card product outpaces Allied Market Research's forecast of a 15.3% CAGR in the prepaid travel money card market between 2023 and 2032.
Additionally, Travelex has seen a 10% year-on-year increase in conversion rate in its TMC app, attributed to the company's relaunching of the app last year.
The UK app allows customers to add up to 22 currencies, check their balance, view card details, and freeze and unfreeze their cards for instant protection.
"Travellers want to access, top-up and manage travel money in a secure and reliable way. Our prepaid Travelex Money Card enables customers to easily budget, get competitive Travelex rates and spend whenever and wherever' said Simon Jackson, Chief Customer Officer at Travelex.
'We're delighted that our new Travelex Money Card app has been a major driver of Travelex Money Card growth. The app offers customers a fast and seamless top-up experience, making it even easier to spend safely abroad,' added Jackson. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Crypto Insight
4 hours ago
- Crypto Insight
Crypto cards outpace banks in micro-spending in Europe: Report
Crypto cards are beating traditional banks in Europe when it comes to small purchases, with 45% of crypto-linked card transactions under 10 euros ($11.7) — a category where cash has historically dominated. According to a report by shared with Cointelegraph, crypto card holders are showing spending patterns that mirror traditional bank card users while embracing online payments at a faster pace. The report noted a 15% rise in newly ordered crypto cards across Europe in 2025, signaling growing interest as more Europeans turn to digital assets for everyday payments. Furthermore, while European Central Bank data shows 21% of all card payments across the euro area are online, figures reveal crypto card users already conduct 40% of their transactions on the internet — nearly double the average. Crypto cards used for everyday spending Spending patterns show crypto cardholders are using their cards for everyday spending. According to data, groceries make up 59% of purchases, near the ECB's 54% benchmark, while dining and bars account for 19%, above the average for in-person food and drink spending. Notably, the average crypto card transaction sits at 23.7 euros ($27.8) compared to 33.6 euros ($39) for bank cards, based on Q1 2025 Mastercard data. 'What we're seeing in Europe is that crypto card users aren't just experimenting with new tech — they're showing us what everyday spending might look like in a truly cashless future,' said Alexandr Kerya, vice president of Product Management at 'With average card payment volume rising 24% in just the last month, this shift is clearly gaining momentum,' he added. The data further shows that stablecoins power 73% of transactions, with other major cryptocurrencies like Bitcoin, Ether, Litecoin and Solana also being used for groceries, dining and transportation. The trend is consistent across other providers. For instance, Oobit reported strong spending on everyday essentials among European users, while noted similarly high volumes in online shopping transactions. Barclays to block crypto purchases on credit cards Despite the surge in crypto card adoption, Barclays has announced plans to ban crypto transactions on its Barclaycard credit cards. The bank cited fears of customers falling into unmanageable debt due to crypto market volatility and highlighted the lack of investor protections in the sector. Barclays explained that crypto asset purchases carry no recourse through the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong, leaving consumers exposed. Source:
Khaleej Times
6 hours ago
- Khaleej Times
How to verify job offer in Dubai: Here's how to check if it's genuine
Question: I live in the UK and have received a job offer for an accounting position at an SME in mainland Dubai. How can I verify that the job offer is legitimate and legally compliant? Answer: In the UAE, an offer letter signed between a prospective employer and its prospective employee may be considered an agreement but not a contract. In general, an agreement (offer letter) may be an informal agreement, whereas a contract is an agreement which is enforceable by law. Therefore, all contracts are agreements, but all agreements need not be contracts. Generally, when recruiting a prospective employee in the UAE, an employer needs to issue an offer letter that outlines the terms and conditions of employment. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Thereafter, the same terms and conditions must be included in the employment contract of a prospective employee. Both parties may consider including additional terms and conditions, provided that these are advantageous to the employee. This is by Article 2(1) of the Ministerial Decree No. 46 of 2022 regarding Work Permits, Job Offers and Employment Contract Forms, which states, 'Utilise the approved standard employment contract that conforms with the job offer when requesting the issuance of the work permit. It is permissible to add more benefits to the employee in the contract than those mentioned in the job offer; it is also permissible to add annexure to the contract provided that it does not conflict with the provisions of the decree-law and its executive regulations." Furthermore, an offer letter issued by an employer should be in the format prescribed by the Ministry of Human Resources and Emiratisation (Mohre). This is under Article 1 of Administrative Resolution No. 38 of 2022 Concerning the Guidelines for Implementing Ministerial Resolution No. 46 of 2022 Regarding Work Permits, Offer Letters and Employment Contract Forms, which states, "By the guidelines attached herein, electronic forms (e-forms) provided in Mohre system for work permits, offer letters, and employment contracts shall be adopted and implemented." When an employer applies for a new work permit for an employee, they are required to submit a signed offer letter between the employer and the prospective employee. This is in accordance with the Guidelines to Work Permits, Offer Letters and Employment Contracts Procedures of the Administrative Resolution No. 38 of 2022. Once an employer submits all other required documents, along with the signed offer letter and payment of the relevant Mohre fees, an employment contract is signed between the employer and the prospective employee. Based on the aforementioned provisions of law, you should initially contact the Mohre to verify the authenticity of the offer letter issued by your prospective employer. In the event your prospective employer rescinds the offer letter issued to you, the Mohre may not accept your complaint related to such rescind of the offer as you have not signed an employment contract with your prospective employer, and Mohre has not issued you with a work permit. An employer or employee may be considered contractual parties to the employment only if a valid employment contract is registered with MoHRE. Therefore, without a work permit, an employer and an employee may not fall under the ambit of Mohre. You may also request that your prospective employer issue the offer letter to you in the Mohre-prescribed format if the offer letter already issued to you is not in the Mohre-prescribed format. Alternatively, you may contact the Embassy of the UAE in the UK and seek its assistance (if they offer such a service) to verify the authenticity of the offer letter issued to you by your prospective employer. Therefore, in the event your prospective employer rescinds the offer letter issued to you, you may consider filing a civil case against the prospective employer in the court which has jurisdiction in the UAE to hear the matter for the monetary loss and other damages caused to you due to the rescinding of the employment offer letter issued to you. You may obtain further legal advice from Mohre or a legal practitioner in the UAE on this matter.
Zawya
20 hours ago
- Zawya
Saudia to launch direct flights to Moscow starting October 2025
Jeddah: Saudia, the national flag carrier of the Kingdom of Saudi Arabia, has announced the addition of Moscow, the capital of the Russian Federation, to its growing network of scheduled destinations. Starting October 2025, and as part of a strategic collaboration with the Air Connectivity Program (ACP), the airline will operate three weekly flights departing from King Khalid International Airport in Riyadh. The new route highlights Saudia's collaboration with the Saudi Tourism Authority to promote the Kingdom as a year-round destination. It enhances international connectivity and opens new channels for business, leisure, and religious travel. The move also supports Saudia's strategy to expand its European network and strengthen its presence in key global markets. Saudia's new flight schedule to Moscow will provide convenient timings and smooth onward connections via Saudia's international network and its SkyTeam alliance partners. Following the announcement, preparations are underway to ensure a smooth operational launch. These include enabling bookings, setting up guest service counters at airports, and completing all logistical arrangements. With new aircraft expected to be delivered, Saudia's fleet will expand beyond its current 147 aircraft, further strengthening the airline's operational capacity. This growth, supported by a highly skilled team of aviation professionals, is essential to achieving operational excellence and enabling the launch of more direct international routes in line with Saudia's strategic expansion plans aiming at fulfilling the Kingdom's 2030 Vision. As Saudia accelerates its global expansion, the launch of direct flights to Moscow stands out as a key milestone in its international growth strategy. With a network reaching over 100 destinations across four continents and more than 550 daily flights, Saudia continues to position itself as a leading global airline, connecting the Kingdom to the world with scale, efficiency, and ambition. Expanding air connectivity and growing Saudia's global network remains a key priority in support of Saudi Vision 2030. The new Moscow route aligns with broader national efforts to establish the Kingdom as a global logistics hub, while creating new avenues for tourism, trade, and cultural exchange in line with the National Aviation Strategy. About Saudia: Saudia (Saudia Airlines) is the national flag carrier of the Kingdom of Saudi Arabia. Established in 1945, the company has grown to become one of the Middle East's largest airlines. Saudia has invested significantly in upgrading its aircraft and currently operates one of the youngest fleet, with 147 aircraft. The airline serves an extensive global route network covering around 100 destinations across four continents, including all 28 domestic airports in Saudi Arabia. A member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO), Saudia has also been a member airline in SkyTeam, the second largest alliance, since 2012. Saudia was recently awarded the "World Class Airline 2025" for the fourth consecutive year at The APEX Official Airline Ratings™ awards. Saudia has also advanced 11 places in the Skytrax airlines ranking of the World Best Airlines 2023. The Airline also ranked top among global airlines for best on-time performance (OTP) according to a report by Cirium. For more information on Saudia, please visit About ACP The Saudi Air Connectivity Program (ACP) streamlines market entry and promotes expansion opportunities for local and international air travel partners in the Kingdom. By developing new routes, ACP aims to position Saudi Arabia as a global leader in tourism air connectivity. ACP also enables the objectives of the Saudi National Tourism Strategy and Saudi National Aviation Strategy by increasing resilient capacity and ensuring high-quality service standards.
