By W.H.A.| SpeedyPay.info
Remittances to the Philippines from overseas Filipinos are one of the primary income sources in that nation.
(By the way, I always thought it was odd that the country is called the Philippines with a “Ph” and two p’s in the middle, while the people are Filipinos with an “F” and only one p. Isn’t life confusing enough already?)
So anyway, money transfer services are always looking for new ways to capitalize on large markets like that. Western Union has announced that they will begin offering a couple of new services in the Philippines.
Patricia Z. Riingen, a senior vice president at Western Union, said in an interview that the financial service firm was looking at opportunities in new channels like prepaid cards and bank account-based money transfers (ABMT).
“Prepaid represents a significant opportunity in the Philippines, offering added convenience to receive and spend money to the ‘unbanked’ population, including seafarers,” Riingen said.
This prepaid card will allow the recipient to withdraw money from ATMs, or to use the card like a credit card. The sender can “load” the card with additional credit remotely, through any Western Union agent.
I think this is an interesting concept. It might work well for those who have relatives in the Philippines who do not own bank accounts or credit cards. It depends on how versatile the Western Union prepaid cards is.