It is estimated that 2.5 billion adults worldwide do not have access to standard financial products and services. Traditional money transfers and pre-paid credit cards are helping to bridge this gap and offer consumers convenient, low-cost options for financial services.
Western Union and MasterCard have recognized this need and see an opportunity to develop a crossover network between both companies’ electronic payment networks. Over the last year, both companies have been collaborating to develop a partnership that would see MasterCard become the pre-paid card of choice for Western Union and Western Union the preferred money transfer solution for MasterCard. As such, cardholders will be able to access these global networks to reload funds at any MasterCard rePower location as well as selected Western Union Agent locations. Consumers using the Western Union money transfer service will also now be able to send funds directly to eligible MasterCard holders, offering a viable, non-cash solution to these financially underserved clients.
According to Hikmet Ersek, President and Chief Executive Officer of Western Union, “This agreement sets the stage to globalize prepaid services. We’re opening up more options for consumers around the world by combining Western Union’s global network of money movement solutions with MasterCard’s world class global electronic payments network.”
“The primary focus of our global partnership is to enable greater financial inclusion for consumers and provide additional electronic payment options that create efficiencies in their daily lives,” said MasterCard President and Chief Executive Officer Ajay Banga. “We look forward to all of the benefits that our partnership will bring to consumers around the world.”