Travelex Selects MasterCard for Strategic Global Prepaid Alliance

Largest foreign currency prepaid card provider announces global enhanced relationship with MasterCard that will provide the platform for product development and global expansion

Date: 2009

Purchase, NY and London, UK – MasterCard Worldwide and The Travelex Group, the world’s largest distributor of foreign currency prepaid cards, today announced that Travelex will extend its brand relationship with MasterCard and implement the global prepaid transaction processing capabilities of MasterCard Integrated Processing Solutions (IPS). As part of the new global agreement Travelex, which already issues and distributes MasterCard Cash Passport™ cards, will launch new MasterCard branded consumer and corporate Cash Passport programs around the world utilizing IPS. Travelex will also convert existing programs to MasterCard.

Travelex serves 1.75 million cardholders through a network of more than 25,000 agents and 700 retail branches in 35 countries as well as corporate relationships in more than 100 countries. With this enhancement to its global offering, Travelex will be able to re-engineer its existing prepaid offerings and efficiently pursue new growth opportunities in the consumer travel, airline and maritime industries with minimal infrastructure investment. In addition, Travelex is tapping into the expertise of MasterCard Advisors to optimize its global prepaid card portfolio.

“The agreement with MasterCard will provide us with the speed and processing advantages we need as part of our plans to expand the usage of our Cash Passport prepaid currency cards for foreign exchange,” said Rober Gogel, Chief Executive Officer, Travelex. “The ability to work with MasterCard to quickly expand our business globally while providing our cardholders with safe and convenient access to their funds in the currency of their choice is a significant step forward. The success of our card programs relies on a strong, global brand and a secure and reliable transaction processing platform.”

“We are very excited that Travelex, the global leader in foreign exchange payments, has decided to extend the relationship with MasterCard and leverage our comprehensive prepaid expertise to ensure its continued growth and expansion into new markets,” said Walt Macnee, President, International Markets, MasterCard Worldwide. “This new agreement is testament to the strength of our global prepaid offerings, which combine our global payment expertise, the advanced processing capabilities of MasterCard IPS and the power of our global brand.”

Prepaid is now one of the fastest-growing payment card categories with more than $680 billion in global volume expected by 2015, according to a 2008 Boston Consulting Group study commissioned by MasterCard.

Travelex’s Cash Passport cards are available around the world in 10 currencies offering consumers and corporates the ability to lock-in foreign exchange rates on a secure, convenient and reloadable card. The Cash Passport has multiple applications and is currently being used for leisure travel, business expenses, airline compensation, payroll and per diem expenses.

MasterCard IPS, introduced in 2008, provides financial institutions world-class debit and prepaid processing solutions which are scalable, reliable, secure and flexible. IPS seamlessly integrates these services, developed with market-proven software, into the MasterCard Worldwide Network to deliver operational efficiencies including exception and fraud management. Travelex joins other financial institutions that have implemented MasterCard IPS including Swiss Bankers Prepaid Services Ltd. and Security Service Federal Credit Union.

Ends

About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.

About Travelex
Travelex is the world's largest foreign exchange and international payments specialist with over 700 retail branches and 25,000 business customers, operating through subsidiaries and branches in five regions : the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific. Over 40% of travelers and 1.5 billion passengers pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney. As one of the world’s leading providers of outsourced travel money to banks, travel agencies and other retailers it provides products including its Cash Passport prepaid currency card to over 1.75 million customers annually. Through its world-leading automation Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering. For more information go to www.travelex.com and www.cashpassport.com.

Forward-Looking Statements
Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for MasterCard’s ongoing obligations under the United States federal securities laws, MasterCard does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in general economic or industry conditions, changes in financial condition, changes in estimates, expectations or assumptions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation:

• the ability of MasterCard IPS to enable customers to re-engineer their existing prepaid offerings or pursue new growth opportunities;
• the ability of MasterCard Advisors to help customers optimize prepaid card portfolios;
• the ability of MasterCard to maintain strong global prepaid offerings based on global payments expertise, advanced processing capabilities and a powerful global brand; and
• the size and growth rate of prepaid as a payment card category.

Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2008, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2009, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.

Media Contacts:
Naya Larsson, MasterCard Worldwide, Tel. +1 914 249 3916, naya_larsson@mastercard.com
Doyel Maitra, MasterCard Europe, Tel. +44 (0)207 557 5033, doyel_maitra@mastercard.com
Louise Johnstone, Smithfield Group, Tel +44 (0)207 903 0674, LJohnstone@smithfieldgroup.com