MasterCard ARC Prepaid Travel Card Introduced

Mastercard and ARC (Airlines Reporting Corporation) has introduced a new reloadable prepaid travel card with paypass technology. The new Mastercard Prepaid Travel Card is the first of its kind prepaid card with contactless technology. Prepaid Travel Cards are expected to grow to $9 billion in volume by 2010. There's a huge demand for this market.

"The new MasterCard Travel Card offers the utmost convenience to travelers with a sleek, secure and widely accepted payment card that can be used at more than 25 million locations in more than 210 countries," said Bill Mathis, Executive Vice President, Relationship Management, MasterCard Worldwide. "Travelers no longer need to fumble through foreign currency or carry bulky travelers cheques. Instead, they can simply swipe or Tap & Go and be on their way."

"The combination of MasterCard's unsurpassed global network and ARC's team of affiliated travel agents and global base of airlines and railways makes this offering a terrific solution for travelers looking for a convenient and cost-effective way to pay anywhere in the world," said Chuck Fischer, Director, Business Development & Payment Systems Solutions, Industry Products & Services, ARC. "There is an obvious synergy between MasterCard Worldwide and ARC -- a global leader in travel industry settlement -- that will enable us to deliver to consumers a more efficient travel experience that benefits all parties involved."