Interest Benefits by Linking Pre-Charged Foreign Currency to RP Products Before Travel
Charge, Earn Interest, and Pay in Dollars, Euros, or Yen All in One App
First Case of Integrating NH Investment & Securities' Digital Financial Infrastructure
Global forex payment fintech company Travel Wallet announced on January 15 that it has launched the "Travel Fund Growth" service, which offers interest benefits by linking pre-charged foreign currency for travel to repurchase agreement (RP) products.
This service is designed based on the "foreign currency prepaid charging model," which has been designated as an innovative financial service by the Financial Services Commission. It enables more efficient management of pre-charged foreign currency during the travel preparation process until actual payment is made.
The Travel Fund Growth service allows users to manage foreign currency charged to Travel Wallet by linking it to NH Investment & Securities' foreign currency RP products.
Travel Wallet focused on the fact that customers charge their travel expenses in foreign currency in advance before traveling abroad, but the funds remain unused until actual payment. In response, the company created a structure that allows customers to receive interest benefits by linking these funds to RP products.
Customers can open and link an NH Investment & Securities account via the Travel Wallet application, transfer US dollars, euros, or Japanese yen to the securities account, and purchase foreign currency RP products to receive interest benefits.
The foreign currency RP products offer annual interest rates of 3.20% to 3.45% for US dollars, 1.75% to 1.90% for euros, and 0.45% to 0.50% for Japanese yen, depending on the currency, with no risk of loss. Once the operation is complete, the foreign currency can be transferred back to Travel Wallet for KRW conversion or used for overseas online and offline payments.
To commemorate the launch, Travel Wallet is also offering benefits for new users. Customers who open an NH Investment & Securities account for the first time through Travel Wallet will receive a 10,000 KRW reward.
The service was created by integrating Travel Wallet's forex and payment technology with NH Investment & Securities' digital financial infrastructure. Its key feature is that it connects the entire process from foreign currency charging and interest benefits to payments during travel into a single app experience.
Travel Wallet has built its own infrastructure to process all stages of foreign currency transactions, including charging, overseas payments, and remittances, in real time. Through this, the company provides stable support for storing and moving foreign currency balances and has established the technological foundation to connect forex and payment-related functions into a single service.
Kim Hyungwoo, CEO of Travel Wallet, said, "The distinctive feature of this service is that it allows customers to manage pre-charged foreign currency by linking it to a securities account and then use it again for payments. We will continue to expand services that deliver new value and experiences to customers, based on digital wallet technology and forex infrastructure."
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