How FinTech cards have changed international travel
Cash is still King in Europe
Today, payment methods continue to evolve and new ones are emerging.
There are mainly 3: cash, credit/debit cards and mobile payment.
However, although new ways of payment are emerging, cash and cards are still the preferred methods of payment for travellers in Europe.
Firstly, despite the revolution in mobile payments, they are still at an early stage of evolution and are often used for small payments. Second, there are still many places where this payment system is not consolidated, especially in rural areas and small towns. No cash means no purchase, unfortunately.
No global mobile wallet standard
You can’t travel with the same mobile payment application, because mobile wallets don’t have interoperability.
Apart from this, it is still surprising that in 2018, not all businesses accept card payments.
So if cash is still king and card payments are a close second, where does FinTech fit in?
Some of the advantages are:
– You can buy in more than 130 currencies without commissions
– With the Interbank Exchange Rate (No one else in the market uses this exchange rate and it is obviously better than your bank, the exchange houses or the Mastercard/Visa exchange).
– Receive expense notifications on the spot in the PPP
– You can exchange 26 currencies through the app at the real exchange rate
– Domestic and international money transfers are free, always at the interbank exchange rate.
– You can load your account instantly using any other card (it’s much faster than making a transfer!)
So even if you only holiday abroad once a year, if you haven’t joined this FinTech revolution you are definitely missing out.