Germany-based global provider of digital payments and commerce solutions Wirecard recently announced it has teamed up with Singapore currency exchange platform FXchange to provide outbound and inbound travelers in Singapore with digital payment options. Wirecard reported that the duo will be launching multi-currency Visa cards and a corresponding app which will offer travelers the chance to combine payment with the possibility to earn and redeem points at hotels, F&B outlets, and other amenities. Wirecard will also issue and manage the payment solution via its digital platform.
“The collaboration with Wirecard will make it easier for travelers to make cashless payments abroad, eliminating the hassle and cost of foreign currency exchange. The new multi-currency payment solution enables customers to enjoy traveling without carrying cash, or avoid dealing with fluctuating exchange rates. Travelers can use it to exchange Singapore dollars and load up to 12 foreign currencies. The multi-currency Visa prepaid card and app offers a smart and convenient solution that meets the demands of international travelers.”
Speaking about the partnership, Chan Han Zong, Chief Operating Officer of FXChange, stated:
“We are delighted to work with industry experts like Wirecard and Visa to offer a convenient and secure payment solution. With this, consumers can make cashless payments abroad at competitive foreign exchange rates, and gain access to our network of forex kiosks to withdraw and deposit foreign currencies. We look forward to furthering this collaboration to build an inclusive travel money platform that serves a wide segment of travelers who are increasingly tech-savvy and have higher spending power.”
Grigoriy Kuznetsov, EVP of Global Financial Services at Wirecard, added:
“We’re delighted to support FXChange to provide a one-stop solution to travelers who are increasingly turning to cashless payments. By integrating Wirecard’s digital platform with FXChange’s kiosk network, we will bring this innovative solution to more people across the world, further driving the cashless society.”
The multi-currency solution is planned to roll out in the next few months.