The remittance receive card facilitates users of Western Union Money Transfer transactions to put all or part of a money transfer onto a prepaid MasterCard, said the service provider.
According to Western Union, funds on a Western Union-AirPak Money Transfer Receive card can be used wherever MasterCard is accepted globally, including at ATMs and for shopping online.
The US payment major is joining hands with various firms in numerous markets, as a part of its strategy to expand stored-value solutions worldwide.
A 2010 World Bank report highlights that only 47% adults in El Salvador owns a bank account, while the region received $3.6bn in remittances in 2010, providing a platform for Western Union to benefit in the region.
Commenting on the launch of Money Transfer Receive card, Western Union global prepaid senior vice president Mike Hafer said this card can help bring many Salvadorans further into the financial services mainstream by giving them many benefits, including a new way to manage their money and a convenient, easy way to shop both online and at retail.
"Our stored-value solutions are tailored to the needs of our customers. By offering powerful features like the ability to receive remittances directly on a card, we are building stronger relationships with our customers," Hafer added.
The company said that the customers have been provided an option to receive their money transfers on a card at participating Western Union Agent locations throughout El Salvador.
