The prediction comes as the company plans to launch their range of prepaid travel cards within the BRICS market, which is comprised of Brazil, Russia, India, China and South Africa.
The market has been growing rapidly in recent years and, subsequently, has attracted interest from several industries around the globe that are looking to exploit the emerging market.
The countries which comprise the market are all popular travel destinations for globetrotters around the world. Because of this, the idea of using prepaid travel cards could really be set to take off.
Prepaid travel cards have become a very useful alternative to carrying large amounts of cash for travellers all over the planet. For anybody planning an extended trip abroad this Summer, it could be a terrific investment.
The perils of using an ATM abroad
This announcement by American Express follows the recent news that British holidaymakers spent over £391 million in ATM withdrawal fees while travelling abroad in 2011.
According to research carried out by Sainsbury’s, an estimated £14.2 billion was withdrawn by British holidaymakers over the same 12 month period from cash machines outside of the UK.
The average charge for an ATM withdrawal within the Euro-zone was found to be approximately £1.67, with some cash points charging up to £2.66.
David Barrett, Head of Sainsbury’s Travel Money, stated; “As a nation, we spend a huge amount every year on our holidays.”
Prepaid travel cards could be the ideal solution for those who are worried about ATM fees while travelling abroad.
Regardless of whether you are staying in Europe or going overseas, you can preload money onto a prepaid travel card before you leave, ensuring that you don’t have to worry about dealing with large cash sums or unwelcome ATM charges.