According to Business Wire, global payments leader, Western Union is teaming up with 7-Eleven Convenience Stores to make available the Western Union (R) MoneyWise(TM) General Purpose Reloadable prepaid debit card in over 6,000 retail outlets in the United States. MoneyWise will be offered to the general public at select 7-Eleven outlets in early 2012.
Given the already successful money order joint venture, the prepaid card offering intends to complement the strong product offering by Western Union in the thousands of 7-Eleven locations throughout the country. This partnership should also position 7-Eleven as the dominant retailer of the MoneyWise prepaid debit card in the U.S.
Carter Hunt, Western Union’s Senior Vice President of Global Key Accounts said,
“The Western Union prepaid card will provide more options and convenience for consumers in managing their everyday finances. Western Union sees its suite of prepaid card services as an opportunity to continue strengthening both its relationship and value proposition with consumers seeking convenient prepaid services, and mass market retailers preferring to efficiently manage prepaid services at the check-out counter.”
Jesus Delgado-Jenkins, Senior Vice President or Merchandising, Marketing and Logistics for 7-Eleven added,
“We are offering this card to our customers because it provides consumers with the convenience of a general purpose reloadable prepaid card without many of the fees, such as monthly maintenance, purchase transaction and customer-service fees. The Western Union MoneyWise prepaid card incorporates all the benefits of a reloadable prepaid card, including convenience and ease of use, which is what our customers want.”
With all of the recent hubbub surrounding new bank-imposed monthly debit and check card fees, the market opportunity in the prepaid space is virtually unlimited. As aggressive players continue to redefine the market and deliver lower fee products, then the consumer wins. Our advice to the consumer is to always read each product’s Cardholder Agreement carefully before purchasing. Although the waiving of monthly maintenance fees and any other fee is a very competitive offering, there may be others to contend with. Some of these fees might include activation fees, ATM fees, reload fees, bill pay fees, re-issue fees, check processing fees and ATM balance fees to mention a few. It is always good to take some time and compare several cards that might best suits your particular needs.