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.