Access Prepaid Worldwide, a MasterCard subsidiary, has launched its new Young Traveller Cash Passport prepaid card, tailored to the youth market.
Only available online, the prepaid card is based on its award-winning multi-currency cash passport. The card will be accepted globally at over 37m locations including 2.1m cash machines . A mobile app is also available to download, which allows travellers to track their spending whilst on the go. The card is Chip and PIN protected and not linked to a personal bank account.
Jon Milsted, head of product, marketing and business strategy for Access Prepaid Worldwide said: "We’ve spent a lot of time really understanding what young travellers are looking for when it comes to organising their travel money and we’ve tailored our existing Multi-currency Cash Passport product to suit their needs."
Access Prepaid has also released its first ever youth holiday spending report, which explores the travel spending habits of 18-29 year olds in the UK. The study found that 38% of young people in the UK spent £175 more than they intended to on their last holiday abroad, despite taking an average of £297 ($504) in holiday money away with them.
Amongst young travellers, the biggest concerns regarding travel money and spending whilst on holiday are running out of money (30%), spending more than they intended to (25%) or having their card / cash stolen (24%).
The research found that for the younger generation the most common form of money to take on holiday is cash, with three quarters (76%) citing this as their usual choice for spending money. A third (33%) take a debit card while nearly a quarter (23%) rely on credit cards.
Prepaid cards come in fourth with 12% normally taking their spending money in this form and twice as many men (18%) using a prepaid card compared to women (9%). Of the 69% of respondents who have never used a prepaid card before, nearly half (45%) would consider doing so in the future.