Western Union’s Philippines Prepaid Launch Is Heavy On Mobile

In the U.S. and abroad, payments firms are rolling out new prepaid solutions in an attempt to deliver financial services to consumers without bank accounts. Here in the states, big banks like JP Morgan and PNC have garnered recent headlines by launching new cards designed for the nation’s underbanked consumers.

But the week’s biggest international news comes from Western Union: the remittance specialists recently brought its Gold Prepaid Card to consumers in the Philippines, giving its existing money transfer customers a new way to receive and use funds.

Furthermore, the Gold Card is more than just your standard debit payment option, says Michael Hafer, a senior vice president with the firm. The card being launched this week comes with key mobile features, including text alerts with balance updates for every use of the card, and SMS-based loading — that is, consumers will no longer need to visit an agent location or bank branch to receive funds.

Hafer goes in-depth with MPD CEO Karen Webster on the profile of the typical consumer in the Philippines; the additional features that set the Gold Card apart from the competition; and the overall impact of prepaid on Western Union’s total financial performance.

Listen to the audio interview here.

Mike Hafer

Senior Vice President, Global Prepaid Western Union

Mike Hafer currently serves as Senior Vice President, Global Prepaid.  In this role, Mike leads a global team that develops and manages Western Union’s award-winning stored-value offerings. These customer accounts are available in a variety of forms, including prepaid cards, mobile phones and the Internet.  With multiple programs live in 9 countries across 4 continents serving diverse customer needs, the Global Prepaid organization under Mike’s leadership is developing deeper Western Union customer relationships while delivering strong revenue growth.

Prior to his current role, Mike led product development for the company’s domestic money-movement business with focus on new growth arenas including prepaid and financial institutions.  During Mike’s 10-year tenure at Western Union, he also led the U.S. CRM group and was responsible for the development and rollout of Western Union’s industry-leading Gold Card rewards program.

Prior to working at Western Union, Mike held multiple B2C and B2B marketing and product management roles for US West, The Signature Group and Izodia.

Mike attended Northwestern University, where he earned a Master of Science degree in Integrated Marketing Communications with an emphasis in Direct/Database Marketing.  Mike also attended the University of Northern Colorado and graduated Magna Cum Laude with a Bachelor of Science in Business with an emphasis in Marketing.  Mike also has served as an adjunct professor at Denver University, teaching various graduate-level marketing classes.