J.P. Morgan, in collaboration with Yes Bank, will soon launch its first pre-paid travel card in India. For this purpose, the former has gone into a one-year agreement with Yes bank — India's new-age private sector bank. Moreover, this travel card would serve as a substitute of traditional currency and travelers' cheque transactions across the world for Yes Bank's customers.
The card would be initiated with Visa-affiliation and will carry the features of a debit card. The card will also be available to those who do not possess a Yes Bank account for a one-time charge of Rs 150. It will provide customers with added security and convenience to make a purchase while traveling. In addition, the card can be used outside India, Nepal and Bhutan to withdraw cash in local currency at ATMs displaying Visa marks.
J.P Morgan is a leader in wholesale financial services and is part of J.P.Morgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of over $1.6 trillion. J.P.Morgan provides prepaid card services to more than 1,000 clients globally and has operations in 60 countries. The Yes Bank will act as a launch pad to set up joint venture partnerships for the latter in the domestic wind energy market as the former had recently entered into an agreement with Australian company Wind lab for its wind-energy projects.