New Product Launches

Western Union to launch international money transfer services in Japan

On 16 July 2009, Western Union, a leading money transfer service provider, stated that Western Union Co. of the US plans to launch international money transfer services in Japan. This move by the company comes prior to a new law that is to take effect next year, which would allow nonbank entities to provide such services. The company further added that it plans to conclude agent contracts with a wide range of Japanese businesses including convenience stores, post offices and banks to provide international money transfer services throughout Japan.

Source: Tradingmarkets.com

Western Union launches consumer loyalty prepaid card

On 2 July 2009,Western Union mentioned that it is planning to add features to The Western Union Gold Card, its global consumer loyalty program, with the addition of a reloadable Visa prepaid card. The company added that it would selectively provide the program in July targeting eight million Western Union Gold Card loyalty members in the US.

Executive Vice President and President of the Americas, Western Union, Stewart Stockdale said “Designed to better serve the needs of our money-transfer send customer, the new and enhanced debit prepaid Western Union Gold Card will help strengthen our relationship and value proposition among our most loyal customers, providing each with increased convenience, and smart and cost-effective ways to better manage their money in what is becoming a cash versus credit driven economy.”

Source: Banking Business Review

"Most developing nations have vast regions with limited communications infrastructure and accessibility. In these regions, where credit cards are not yet common, this system will allow mobile operators and retail providers to create innovative new sales channels for in-demand services.”

Ben Whitaker
Chief Operating Officer
Masabi

Masabi, Mi-Pay launchesnewmobile transaction system

On 31 July 2009, Masabi, a UK-based mobile applications developer, has collaborated with Mi-Pay, a UK-based mobile service provider, to launch a mobile transaction system that would enable mobile operators, banks and other retailers to extend their services to remote regions using their existing mobile phone base.

Masabi, Chief Operating Officer, Ben Whitaker said "Most developing nations have vast regions with limited communications infrastructure and accessibility. In these regions, where credit cards are not yet common, this system will allow mobile operators and retail providers to create innovative new sales channels for in-demand services. A 'Street Vendor' with even old handsets can now offer international transaction and retail services to local consumers, without the need for vast technological infrastructure.

Pan Asia Bank launches MoneyGram Services

On 15 July 2009, Pan Asia Bank entered into an alliance with Hatton National Bank (HNB) to launch MoneyGram remittance services in SriLanka. The service would enable SriLankan's to receive remittances from any part of the world, through any Pan Asia Bank branch in Sri Lanka. An agreement to this effect was signed in Colombo on 30 June 2009.

CEO&Managing Director, Pan Asia Bank, Kimarli Fernando, said “We are pleased to offer the MoneyGram service through our branch network of over 34 branches across the nation.The MoneyGram service will provide value to our customers and widen the range of services offered to them. Through this service customers can receive their money remitted from abroad through any Pan Asia Bank branch in Sri Lanka, close to their home.”

Neovia Financial launches Neteller Money Transfer service

On 28 July 2009, Neovia Financial, an independent global online payment service provider, stated that it had launched Neteller MoneyTransfer service, which enables friends and family to securely send and receive money instantly around the world using a cost effective user-friendly interface. The service allows people to transfer funds in 20 different currencies to over 180 countries, where NETELLE Roffers a service.

NEOVIA Financial, Executive Vice-President, Dan Starr said "The launch of NETELLER Money Transfer is NEOVIA's official offering in the global remittance marketplace, making transfer services such as bank drafts, money orders and cheques redundant. If you're settling up your tab with a friend round the corner or sending money to your parents or loved ones around the world, you want the money to get to them as soon as possible, safely and with minimum charges.We know how to move funds and we know how to do that quickly and securely.”