Onecard to offer remittance service

05/02/2008

Credit card issuer Onecard Co. Inc., a principal member of MasterCard International, will provide money transfer services by adding the remittance of Filipino foreign currency earners to its core products.

Onecard Co. is in the process of working out details of its prepaid card offering to the public, which it will use to service remittances of Filipino workers in the Middle East and in the nearby Asian Cities like Hongkong and Taiwan.

Through MasterCard International Payment System, Onecard will target remittances by offering lower fees than the traditional money transfer services to the Philippines.

Onecard International intends to come up with a product that uses current technology to facilitate money transfer or remittances, and using the Onecard-MasterCard prepaid cards as the medium of payment.

According to a company press statement, the service will offer the large OFW population a faster, safer and more reliable way to send money to the Philippines . Onecard said the growing need for safe, low-cost and convenient services to transfer funds internationally continues to swell with a global labor population.

Foreign nationals who send money home say “convenience” is the most important criterion for choosing a remittance method.

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