New Prepaid Card Aims to Help Filipino Immigrants Send Money Home

by Mercator Advisory Group 0

Although immigrants from Latin America seem to be a more frequently targeted ethnic market, the 24/7 Card, which was launched on Nov. 21, aims to help Filipino immigrants manage their money and send funds home. The card has signed on boxing champion Manny Pacquiao as a celebrity endorser and offers bill payment services and remittances.

24/7 Card is a prepaid debit and remittance card designed for Filipinos and other immigrants living in the United States. The Smarter Way to Bank and Send Money™, 24/7 Card features a unique one-two combo “Debit + Remit” benefits in one card, offering the convenience of shopping, paying bills and sending money overseas directly from the card account – 24 hours a day, 7 days a week.

The card’s features currently would put it outside the exemption for prepaid cards from the Durbin Amendment to the Dodd-Frank Act. However, its issuer, Central National Bank &Trust of Enid, Okla., has assets of $514 million, well below the $10 billion cut off for interchange restrictions. Central National Bank has a history of offering international cards and has also done innovative work with campus cards.

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