WEX Ends My Travel Cash Prepaid Card Program in U.K.
WEX Inc., a South Portland, Maine-based provider of corporate payment services, will kill its my Travel Cash prepaid card program in the U.K. as of Oct. 4. Shuttering my Travel Cash is part of WEX’s plan to concentrate on its corporate payments products and services, according to the company.
My Travel Cash, owned by London-based WEX Europe, a provider of payment products focusing on the travel industry, offered a euro currency card, U.S. currency card and multi-currency card—all Mastercard branded. Wex informed cardholders about the end of the program earlier this month by email, and cardholders have until Oct. 4 to use the funds in their accounts.
“WEX is refocusing all of its efforts in support of its strategic objective to grow our corporate virtual card business globally and, in particular, in Europe,” a WEX spokesperson tells Paybefore. “As part of this initiative, we have decided to close down our physical card program for my Travel Cash that we offer to consumer customers in the U.K. This action will allow us to consolidate our issuer and processor partners, and ensure that we are using our people to support our existing and future virtual [products] customers in the best possible way,” the spokesperson added. In 2012, WEX Inc., formerly Wright Express, acquired CorporatePay, which became WEX Europe.
The Website for my Travel Cash has essentially been shut down within the past few days. It now simply states the card program is no longer available, and it includes a link for cardholders to log into their accounts.
A cardholder’s remaining funds can be spent or transferred to a different account before the Oct. 4 deadline, according to U.K. financial Website This is Money. After the deadline, any money left in an account will be transferred to the cardholder’s bank account if one is one file my Travel Cash. Cardholders also can elect to donate any money in their account to the Wish Upon a Star charity via a request form on the Website.