It’s designed for, and being snapped up by, thousands of travellers and online shoppers.
Thanks to an ability to exchange foreign currency without fees, people are scrambling to get their hands on the YouTrip card, a Mastercard that also acts as a bus and train card.
Launched earlier this month as a partnership between Mastercard, fintech company You Technologies Group and Singapore public transport card issuer EZ link, the card has amassed nearly 10,000 users within a week of its launch.
Business Insider understands there are now are several hundred users on the waiting list, and the number continues to grow.
The card requires a minimum top-up of S$20 before use, and the YouTrip account stores up to S$3,000. Users can exchange and store the Singdollar to one of over 150 currencies. This means savvy travellers can stockpile currency at a favourable rate for future holidays.
Users can also use the card to pay for purchases in other currencies overseas or online, without the usual foreign transaction fees charged by banks and money changers.
One key reason for the card’s immense popularity could be due to its more than 150 currencies available for no-fee transactions, compared to other players’ offerings of about 10 to 13 currencies, said Mr Kelvin Lam, You Technologies Group country manager (Singapore).
The card can also be deactivated immediately when lost or stolen. It doesn’t require a minimum account balance, and doesn’t charge card fees.
“Easy use of the mobile application will allow travellers to track their spending and better manage their budget when travelling overseas,” said Mastercard Singapore’s country manager Deborah Heng.
For now, the company is working to process the sheer number of subscribers and improve the card’s services in Singapore.
There are plans to make it available across South-east Asia in the next few years.