First Multi-Currency Prepaid Card Touches Down on Apple Pay
Apple Pay is getting its first multi-currency prepaid card, as the mobile payment service adds support for Mastercard’s Cash Passport card, issued by Raphaels Bank, the bank announced on Aug. 16. Targeted for use by UK-based travelers, Cash Passport enables cardholders to load and spend as many as 10 different currencies on a single card, while locking in exchange rates at time of load to help avoid fluctuations. The card is the first multi-currency prepaid card to offer Apple Pay compatibility, according to Raphaels.
“Whether via card or mobile, we see it as vital to be at the forefront of the digital payment revolution and are excited to be making it possible for prepaid card programs to use Apple Pay for multiple currencies,” said Janet Johnson, head of Raphaels Bank Payment Services.
Of course, a currency can only be used via Apple Pay at a merchant that accepts the service. Currently, Apple Pay only is available for cards issued in fewer than a dozen countries, but the list is growing. Countries whose currency is compatible with the Cash Passport card but have yet to have an official Apple Pay launch include many Eurozone nations, along with Turkey and South Africa.
When it comes to supporting prepaid cards in general, Apple Pay remains fairly limited, offering compatibility with only a handful of card programs and issuers, including Chase Liquid. In May, Apple Pay UK added support for Wirecard’s boon. mobile payments service, which uses a digital prepaid Mastercard to fund purchases.