OREANDA-NEWS. February 28, 2012. Tata Capital and Axis Bank, India`s third largest private sector bank, jointly announced the launch of the Tata Travel Card*. The launch of Tata Travel Card by Tata Capital fits in with the overall strategic intent of the company to provide the complete suite of travel- and forex-related services to its customers. The Tata Travel Card will be marketed by TT Holdings and Services, a 100 per cent subsidiary of Tata Capital to retail customers and corporates, including Tata companies.

The Tata Travel Card is designed to provide security and convenience to cardholders when they travel overseas for business or leisure. It enjoys worldwide acceptance and is available in nine currencies. As a customised forex solution, the Tata Travel Card will also deliver cost efficiency to the user.

Speaking on the occasion Shikha Sharma, MD and CEO, Axis Bank, said, “Axis Bank is very happy to join hands with Tata Capital for this initiative. We are confident that the bank’s leadership position in the prepaid forex segment will be further strengthened with this tie-up and the Tata Travel Card will find ready acceptance within their internal and external customer groups.”

Speaking on the occasion, Praveen Kadle, MD and CEO, Tata Capital, said, “The launch of the Tata Travel Card by Tata Capital fits in with the overall strategic intent of the company to provide the complete suite of travel- and forex-related services to its customers. This card will complement and complete the travel and foreign exchange service offering from Tata Capital. Going forward, we are confident of being a significant player in the market and our first milestone is to achieve Rs100 crore of business on the Tata Travel Card over the next two years.”

The Tata Travel Card will be available in over nine currency options on the VISA platform. The card can be used at more than 26 million merchant outlets and 1.9 million VISA ATMs and on all overseas e-commerce websites. The card comes with a host of related advantages for its users including enhanced chip-enabled security, lost card liability insurance cover of up to Rs2 lakh, 24/7 call centre for service and support, and is also bundled with exciting offers from other Tata Card partners.

Since the introduction of the travel card as a product in 2003, Axis Bank has consistently been the market leader in the prepaid forex card segment. In 2009, Axis Bank emerged as the first bank to cross the USD 1 billion mark in the prepaid forex card segment and by 2011 it had surpassed the USD 2 billion mark — again a first, across all banks worldwide.

The Tata Cards product portfolio comprises a white-label credit card and foreign currency prepaid card products.

*Tata Travel Card is a white-label prepaid travel card which is issued, operated and serviced by Axis Bank Limited and marketed by TT Holdings and Services (“TT Forex”), a wholly owned subsidiary of Tata Capital.