Travelex, a non-bank foreign exchange currency provider, has introduced a new prepaid foreign 'currency cards' available in Euros and British Pounds that utilizes chip & Personal Identification Number (PIN) technology.

Travelex said that the new card requires a PIN to complete chip-based transactions, offering a safe and convenient alternative to cash, ATM or credit cards.

According to the Travelex, the card is PIN and signature protected and is not connected to the cardholders’ bank account, thereby minimizing the risk of identity theft in the event the card is lost or stolen.

The card will also still include a traditional magnetic stripe, for those merchants not yet using chip & PIN technology.

Travelex’s chip & PIN Cash Passport is designed to allow leisure travelers to pre-load travel money onto a reloadable card for convenient use in millions of ATMs, shops and restaurants worldwide where MasterCard is accepted.

The Cash Passport can be loaded and reloaded with a choice of two currencies: Euro and British Pound Sterling. It comes with 24/7 global emergency assistance and can be replaced within 24 hours if lost or stolen.

Travelex Currency Services president Jon Dario said Travelex’s new chip & PIN cards offered in Euro and British Pound Sterling will provide the same level of technical compatibility for US travelers that many other international travelers currently enjoy.