Business Irish

Thursday 17 October 2019

An Post to deliver new ten-currency cash card

Prepaid Mastercard is being launched to rival fintech disruptors, writes Fearghal O'Connor

Debbie Byrne, An Post Retail’s managing director
Debbie Byrne, An Post Retail’s managing director

An Post is launching a new prepaid Mastercard with multiple currencies as it seeks to take on innovative fintech players such as Revolut and N26.

The new An Post Currency Card - which will be available from today at over 900 post offices nationwide - is the semi-state company's latest move to diversify its business away from mail delivery into more lucrative areas.

The card, which can be used at millions of merchants and ATMs worldwide, allows users to hold ten different currencies and use them either online or in store via contactless payments.

The single An Post Currency Card will replace the company's existing FX currency cards which were previously available on a one currency per card basis for sterling, US dollar, Canadian and Australian dollar denominations. The new card will now allow users to hold the US dollar, sterling, Canadian dollar, Australian dollar, New Zealand dollar, South African rand, Swiss francs, Turkish lira, United Arab Emirates dirhams and euro.

The card allows for commission-free point of sale transactions outside the eurozone.

It is particularly targeting overseas travellers looking to avoid costly fees, as well as online shoppers. The Sunday Independent reported last year that An Post was planning an ambitious financial services strategy that would see it offer mortgages, personal loans and fintech services.

"In launching the An Post Currency Card, we're responding to the needs of customers travelling for business or pleasure, and those who want to feel secure shopping online," said Debbie Byrne, managing director of An Post Retail. "Consumers can enjoy no fees outside the eurozone with considerable savings on transactions fees, clarity on foreign exchange rates and complete security.

"With ten currencies on one card, this is your ultimate travel companion, offering you complete peace of mind abroad helping you take control of your money," she claimed.

Byrne said the card would also complement An Post's AddressPAL service, launched two years ago to allow Irish consumers order goods online from US and UK retailers who don't deliver to Ireland.

The An Post Currency Card will be available free of charge directly from participating post offices, subject to a minimum top-up of €50. Following set-up, the card can be topped up at any post office or online with euro. Cardholders can then use an online portal to change their euros into the currency or currencies of choice either for online shopping or for travel purposes, as well as to keep track of purchases.

An Post said that in the coming months the service would be enhanced with the addition of apps for both iOS and Android devices.

Sunday Indo Business

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