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.