To further consolidate its leadership position in the competitive pre-paid travel products segment in India, American Express will soon formally launch the American Express GlobalTravel Card, said James Mirfin, Vice-Chairman & General Manager.
The reloadable pre-paid forex travel card has already been soft-launched a month ago and the response so far has been better than expected, Mirfin said.
The card comes in three currencies – US dollar, Euro and Pound Sterling. Amex will soon launch promotions in print and digital media.
Mirfin said that company will provide retail offers for travellers to the US from India. This will be besides the exclusive merchant offers and discounts. The pre-paid forex travel cards market in India has recorded an average growth of 34 per cent since 2004 and is estimated to have touched $ 1.5 billion last year.
“We expect this to go up to $ 2 billion this year”, Mirfin said, adding that growth was expected to be around 20 per cent in the coming years.
American Express has already launched the GlobalTravel Card in Australia, Brazil, South Africa and the US. It will next be launched in China, Mirfin said. For now, American Express will focus on outbound travel. “We have looked at designing products around domestic travel. It is not an immediate priority for us,” Mirfin said.
He said unlike other pre-paid currency cards, the Amex card has no “inactivity fees.”
On pre-paid gift cards, a product launched in September last year, Mirfin said American Express aspires to put this product into the retail environment.