The Western Union Company (NYSE:WU), a leader in the money transfer segment of global payments, and InComm, the industry leading marketer, distributor and technology innovator of stored-value gift and prepaid cards, announced today an agreement to offer the Western Union GoCash service, a new U.S. in-lane prepaid money-transfer service from Western Union.
The InComm agreement builds upon Western Union's prepaid go-to-market strategy in the United States, and complements Western Union's consumer experience by giving consumers the convenience of being able to pay for a domestic or global money-transfer while shopping at select locations.
"As prepaid products gain momentum with consumers, particularly in today's economy, Western Union sees the GoCash service as an opportunity to strengthen 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," said Stewart A. Stockdale, Executive Vice President and President, The Americas for Western Union.
InComm partners with more than 150,000 retail locations. Through its relationship with InComm, Western Union can offer the convenient GoCash service to consumers through many of these grocery and convenience stores, pharmacies, or mass merchandiser locations.
"Innovation, dedication and commitment to our merchant and product partners are cornerstones of our business," said Brooks Smith, InComm CEO and President. "The Western Union GoCash prepaid money-transfer service brings strategic value to our portfolio of stored-value gift and prepaid financial services products, backed with a leading global brand recognized by consumers."
With the GoCash service, consumers will have the option to select any of three prepaid amounts ranging from $50; $100; and $200. GoCash can be purchased for both domestic and international money transfers. Once purchased, the sender will need to complete the transaction over the phone through a Western Union customer service representative and provide the money-transfer information to the receiver.
"The prepaid card mall industry has blossomed into a multi-billion dollar business by making it convenient for consumers to purchase a wide range of products," said Tim Sloane, Vice President of Client Services and Director of the Prepaid Advisory Service for Mercator Advisory Group.
"The new prepaid money transfer service creates a unique product category that delivers convenience to consumers opting to better manage their time, gift giving needs and finances; and retailers seeking new revenue streams in a fast growing market."