Private sector lender ING Vysya Bank today launched a multi-currency forex travel card and said it is targeting up to five per cent market share of the travel card segment in three years. "We are proud to launch the world's first VISA Platinum Multi-Currency Forex Travel Card. The power of this product lies in the convenience and security it offers. Our customers can manage transactions across five currencies in one single card. This will go a long way in meeting the evolving needs of the global Indian," ING Vysya Bank Managing Director and CEO Shailendra Bhandari said. The customer will have to load the card with the desired amount of money in all the currencies required. As he travels from one destination to another,the card identifies the usage country and makes payment from the respective currency wallet. Change in the exchange rate will not affect the card holder as the rate gets locked at time of uploading the card. "We are targeting 4-5 per cent market share of the travel card segment in next 2-3 years,he said,adding 45,000-50,000 travel cards are issued across all banks every month. The card is available in five currencies - USD,Pound,Euro,Australian Dollar and Japanese Yen. "We plan to add more currencies in future depending on the demand," Bhandari said. Initially,the card will be offered only to ING Vysya Bank customers and subsequently extended beyond that,he said. The bank will get revenue through setting up fee of Rs 250 for the card and currency conversion charge,he said. Asked about ING Vysya Bank's credit growth,Bhandari said it is expected to be 16-18 per cent in FY12. "We expect the credit growth to be less this year at 16-18 per cent compared to last year's 28 per cent," he added.
