With the intent on better serving Hispanic customers, NBC Universal-owned Telemundo and Western Union have partnered up to offer two new General Purpose Reloadable (GPR) prepaid debit cards carrying the MasterCard brand. Given the enormous growth in the U.S. unbanked Hispanic consumer segment, Telemundo and its mun2 group are hoping a strategic alliance with Western Union will further boost their presence in the market. mun2 is the first television channel created for young bicultural Hispanics in the U.S.
According to a Western Union press release, the 400,000 Western Union agents in 200 countries combined with Telemundo’s enormous Hispanic following should cater to and better serve the needs and wants of Hispanic customers worldwide. The partnership also states the the new co-branded MasterCard products will offer consumers flexible and convenient options for loading funds, including Western Union Money Transfer transactions. Whether it is in-person at over 46,000 Western Union Agent locations, through employer or benefits provider direct deposit or by transferring funds through an online bank account, the partnership hopes to provide cardholders flexible and convenient options for loading funds.
Senior Vice President and General Manager , North America of Western Union, Victoria Lopez-Negrete was quoted:
“Today’s announcement is one example of how major brands, Telemundo, mun2 and Western Union, can leverage their brand recognition to work successfully together to benefit consumers, including young bicultural Hispanics to meet their diverse lifestyles, throughout the United States.”
The two new GPR prepaid cards will soon be available at select retailers throughout the U.S. as well as online. Some of the card fee disclosed include: $1.95 ATM Withdrawal Fee (plus applicable ATM operator fees), $0.45 ATM Inquiry/Decline Fee, $2.50 monthly Inactivity Fee after 12 months of non-use and a $4.95 Reload Fee. Additional fees could include Re-issue card fee of $5, Bank to card transfer fee of $1, paper statement fee of $3, and currency conversion gains and fees. Western Union and Telemundo recommend that customers refer to the Cardholder Agreement for a complete description of fees.