Access Card Systems Launch Premier Card Program

Thursday 4 March 2004 21:21 CET | News

Access Card Systems (ACS), has launched its first-to-market two card money transfer program. The PIN based Stored-Value program allows consumers to load cash onto one card and transfer money worldwide, home to their loved ones holding the second card for a fraction of the current market costs charged by industry giants.

The program is available to virtually anyone 18 years of age and over regardless of income or credit worthiness. Consumers purchasing the two-card program receive an ACS branded ATM Card and a branded Gold Debit MasterCard. Both cards can be used to purchase goods and services and withdraw cash at any ATM worldwide that displays the MasterCard, Plus, Star and NYCE logos. The program targets the estimated 33 million households which may not or cannot use traditional banking services, the unbankable, and the $35 billion a year money transfer business: those individuals or families in ethnic communities looking for an economical money transfer solution. The worldwide market for remittance transactions, usually sent by immigrants, exceeded $140 billion in 2002. Remittances to the Latin American and Caribbean region constitute the largest segment of this worldwide market and are expected to exceed $42 billion by 2005. Many immigrants transfer a lot of their earned income back to their relatives in the country they came from. With the use of the ACCESS MoneyNow two card program the remitter can transfer funds from one card to the other at a cost of $2.00 for transfers of up to $2,500.00, providing any family member or friend anywhere in the world instant access to the funds at a fraction of the cost. Traditional money transfer companies typically charge 15% of the dollar value being transferred, analysts say. This new product is poised to become a significant competitor to the traditional money transfer industry.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce