Western
Union prepaid card launched in Manila
1:19 am | Wednesday, July 25th, 2012
MANILA, Philippines—Global payments giants Western Union and Visa
teamed up with Aboitiz-led Union Bank of the Philippines to roll out a prepaid
card meant to serve consumers that are otherwise not served by the traditional
banking system.
The Western Union Gold Prepaid Card is seen providing an
alternative to carrying cash, allowing Filipinos to store and access money
anytime, and widening options for managing cash remittances from abroad,
officials announced in a briefing Tuesday.
The Philippines is the first country in Asia-Pacific where the
Western Union prepaid card is launched. The stored value card is being used in
the United States, United Kingdom, Germany, Austria, Argentina, Peru, Panama
and El Salvador.
This
card seeks to bring the “unbanked” Filipinos into the financial mainstream in a
nation where the use of banking services by people over 15 years old was only
at 27 percent.
I never ever read such type of info before this was really incredible.
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