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Western Union Launches Prepaid Gold Card in the Philippines

Monday, July 23, 2012 06:00 PM

Company continuing global expansion of stored-value solutions designed to create stronger relationships with customers

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Western Union (NYSE: WU), a leader in global payment services, today announced the launch of the Western Union® Gold Prepaid Card in the Philippines.

The card, which Western Union is offering with VISA International and UnionBank of the Philippines, is the first card in the market to allow the cardholder to direct Western Union Money Transfer transactions directly onto the card by sending a text message, calling a customer-service hotline, visiting Western Union’s website in the Philippines (www.wuprepaid.ph), or by visiting any participating Western Union Agent location in the country.

The card also is the first in the Philippines to allow cardholders “split payout,” directing part of a remittance onto their cards and receiving part in cash.

The unique new card also offers Filipinos, many of whom use cash for all of their financial needs, a much-needed way to protect, save and access their money anytime. The Western Union Gold Prepaid Card will introduce many Filipinos to the financial mainstream in a nation where, according to the World Bank, just 27 percent of adults over the age of 15 have bank accounts. In addition to remittances, cardholders can load their paychecks, government payments, their own cash and other earnings directly onto the card.

The card was designed around consumers’ needs in the Philippines, and is the result of extensive consumer research in the market. As the Philippines is the fourth-largest remittance recipient market in the world, a card that allows users to integrate their remittances with a prepaid card is a unique value proposition.

“Western Union moves money for better, and in the Philippines, we are proud to be a leading provider of money transfers, enabling hard-working overseas Filipino workers to enhance the lives of their families and loved ones,” said Michael Hafer , Senior Vice President, Global Prepaid, Western Union. “The Philippines is one of the most important markets in Asia. This unique new card – tailored to the needs of our customers – will help us deepen our relationships with our existing consumers and extend our relevance to new customers.

“We commend the Philippines government for recognizing and encouraging innovative ways to introduce its people into the formal financial system while it builds and expands its financial infrastructure. We also value the collaboration of UnionBank in supporting and sharing our vision to bring about new and innovative ways to serve financially underserved Filipinos.”

The Philippines is the first country in Asia Pacific where Western Union has launched prepaid, extending the company’s stored-value products and services to nine countries worldwide, including Argentina, Austria, El Salvador, Germany, Panama, Peru, the U.S. and the UK.

WESTERN UNION® GOLD PREPAID CARD: KEY BENEFITS

  • No minimum balance required
  • Free SMS confirmation on every transaction
  • Card personalization and other security features, including 24/7 stolen /loss reporting and blocking
  • Helps users better manage their money
  • Is fully integrated with Western Union’s loyalty program

Many ways to load funds onto the card

  • Card can be loaded without leaving home; a first in the Philippines to allow consumers to direct remittances to the card through:
    • Mobile phone SMS service
    • customer service hotline
    • online card account management platform (www.wuprepaid.ph)
    • Cash load at participating Western Union Agent locations throughout the Philippines
  • Consumers can take part of an inward remittance in cash and load part on the card

Easy to get cash from the card

  • At any participating Western Union Agent location in the Philippines
  • 9,000 through UnionBank and Megalink ATM Networks
  • 1 million+ VISA ATMs globally

Opens new possibilities for buying and spending

  • Welcome anywhere Visa is accepted – in 30 million retail and online establishments around the world
  • Bill payments for utilities
  • Online: allows consumers without a credit card to pay for online purchases

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of April 24, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 500,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.

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Source: Western Union

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