MasterCard to acquire prepaid cash-card unit of Travelex

12/10/2010 | Reuters

MasterCard is striving to expand its presence in the prepaid card sector. The company will pay $459 million to acquire the prepaid cash-card operations of Travelex. The unit focuses on travelers who opt to use plastic rather than travelers checks. The acquisition will "be an important driver for our growth in the whole prepaid arena," said MasterCard CEO Ajay Banga.

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