FOO UNVEILS THE MIDDLE EAST’S NEWEST PREPAID TRAVEL CARD SOLUTION

Leading B2B fintech solutions provider, FOO, is collaborating with banks to transcend borders, providing customers with a simpler, safer, and more cost-effective way to spend money abroad.

Dubai, UAE, 06 June 2023

FOO, an award-winning B2B fintech solutions provider headquartered in the UAE, has unveiled its latest innovation: a customisable, out-of-the-box travel card solution. The prepaid card and digital wallet enables banks to harness the power of fintech to deliver a seamless and cost-effective purchasing experience for their customers, whether at home or abroad.

The travel card solution includes an instantly issued prepaid card that can be topped up from anywhere and at any time. It also includes a white label digital wallet app, equipped with sub-wallets for multiple foreign currencies, to facilitate real-time card and currency management. To cater to the specific requirements of the partnered bank, additional modules can also be seamlessly integrated. These optional modules encompass a range of features such as digital onboarding and ATM withdrawals, enhancing the overall offering.

Consumers will be able to instantly transfer funds from their main bank account onto the prepaid card and convert their money into various currencies using the accompanying app, without incurring costly transaction or exchange fees. They can conveniently monitor expenses and manage their multiple sub-wallets within one easy-to-use app. When it comes to making purchases in different currencies, the card will automatically draw funds from the corresponding sub-wallet, streamlining the process for the cardholders.

This solution will help banks meet consumer demands for cost-effective, secure, and convenient methods of conducting purchases while traveling. What’s more, FOO specializes in offering financial microservices developed in-house, employing a modular ‘plug and play’ model. As a result, FOO’s super-personalized products provide the added advantage of an exceptionally fast time-to-market. Depending on the desired level of customization, FOO’s travel card solution can be ready to launch in as little as 6 weeks.

Ghady Rayess, Managing Partner at FOO, comments: “With the boom in business and leisure travel since the pandemic, the multi-currency prepaid card has emerged as an indispensable digital payment solution for travelers. As such, global payment solutions are no longer simply a value added benefit. Consumers expect a seamless experience across various touchpoints, both in their daily life and while traveling abroad. We are excited about the opportunities this innovation brings to the industry and look forward to helping partner banks thrive in today’s dynamic market.”