Paperless transactions are swiftly replacing the use of paper in many activities. Included in this list are traveller's cheques too which are gradually giving away to pre paid forex travel cards.

"According to a survey conducted by Visa in 2009, 40% of business travellers in India used pre-paid cards on their business trips. The demand for travel pre-paid cards in India is growing among organisations in the country," said Uttam Nayak, country manager, Visa India.

Nayak added that organizations which bear cost of employees' overseas business trip expenses are considerably favoring the new entrant. Students travellling abroad for study purposes are also finding it as a useful and beneficial instrument.

"While traveller's cheques have been stagnant in the past three years, the use of pre-paid cards has grown. In case of Axis bank Travel Currency card, the months of April and May 2010 recorded loads of over $100 million," said Sameer Nemavarkar, senior vice-president, retail banking and head, retail forex and remittances, Axis Bank.

Currently eight banks in India offer pre-paid forex cards, available in nine currencies, including the US dollar, UK pound and euro.