Western Union and NetSpend to Team up on Prepaid Card

Western Union and NetSpend to Team up on Prepaid Card

April 29, 2014         Written By Justin Hefner

NetSpend has a long history in the prepaid card industry, and it will soon have another card to add to its portfolio. The new co-branded prepaid card will be the result of a partnership with worldwide money processor, Western Union.

NetSpend cards and Western Union processing services are available at many grocery stores, check cashing businesses and retail stores. These companies both target the unbanked market by offering ways for customers to send, receive and spend money. Last year, Western Union moved more than $82 billion between customers and completed over 242 million consumer transactions around the world.

There are not many details regarding the fees for the new card. It may follow the same fee structure as other NetSpend cards, with a savings opportunity for Western Union transactions. Once the card is launched, it will become available through more than 70,000 distribution centers.

The card is expected to launch later this year.

“Combining the strengths of Western Union’s global brand and expertise in moving money with NetSpend’s deep prepaid knowledge and unique product capabilities, creates an incredible opportunity for us to better serve an underserved market,” said Dan Henry, chief executive officer of NetSpend.



The information contained within this article was accurate as of April 29, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


justin

About Justin Hefner

Justin Hefner is in the education field and has written about a number of financial issues. He holds a Bachelor of Arts degree from Texas Tech University and a Masters in Education from Texas State University.
View all posts by Justin Hefner
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus