MasterCard and Western Union Partner to Fuel Growth of Electronic Payments
November 29 2011 - 6:46PM
Marketwired
MasterCard (NYSE: MA) and The Western Union Company (NYSE: WU)
today announced a global agreement that will make electronic
payments, including prepaid cards and money transfers, more
efficient and convenient for consumers around the world.
Today, an estimated 2.5 billion adults worldwide are financially
underserved, and within the United States, more than a quarter of
the adult population is excluded from the financial mainstream.
Prepaid cards and money transfers are helping build bridges to
provide consumers with reliable, convenient and affordable forms of
financial services.
MasterCard and Western Union have been working together to
provide prepaid card services for the past year. The expanded
global relationship makes MasterCard the preferred brand for
Western Union-sponsored prepaid programs around the world and makes
Western Union the preferred money transfer service for MasterCard.
Consumers will have access to a global network to transfer and load
funds onto prepaid cards. Western Union and MasterCard prepaid
cardholders will be able to reload their prepaid cards at
MasterCard rePower locations as well as at participating Western
Union® Agent locations.
Western Union and MasterCard are simplifying the transfer of
money for consumers by making their electronic payment networks
interoperable. Consumers using Western Union for money transfer
services will be able to arrange for a money transfer to go
directly to an eligible MasterCard. Senders will be able to pay for
money transfers using a card or account backed by the MasterCard
brand and move funds through a participating Western Union Agent
location.
Key Quotes Hikmet Ersek, President and
Chief Executive Officer of Western Union said, "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."
Tags/Keywords Western Union, MasterCard,
Hikmet Ersek, Ajay Banga, www.westernunion.com, www.mastercard.com,
global relationship for money transfer and prepaid services,
building bridges for better financial inclusion, "choice and
convenience", "electronic payments", "financial services"
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Social Media Channels: Western Union Facebook:
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About MasterCard MasterCard (NYSE: MA) is
a global payments and technology company. It operates the world's
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. MasterCard's products and
solutions make everyday commerce activities -- such as shopping,
traveling, running a business and managing finances -- easier, more
secure and more efficient for everyone. Learn more at
www.mastercard.com, follow us on Twitter @mastercardnews or join
the conversation on The Heart of Commerce Blog.
About Western Union The Western Union
Company (NYSE: WU) is a leader in global payment services. Together
with its Vigo, Orlandi Valuta, Pago Facil and Western Union
Business Solutions branded payment services, Western Union provides
consumers and businesses with fast, reliable and convenient ways to
send and receive money around the world, to send payments and to
purchase money orders. As of Sept. 30, 2011, the Western Union,
Vigo and Orlandi Valuta branded services were offered through a
combined network of 485,000 Agent locations in 200 countries and
territories. In 2010, The Western Union Company completed 214
million consumer-to-consumer transactions worldwide, moving $76
billion of principal between consumers, and 405 million business
payments. For more information, visit www.westernunion.com.
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Media Contacts: Tom Fitzgerald Western Union + 1 (720)
332-4374 Email Contact Jim Issokson MasterCard +1 (914) 648-9971
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