Prepaid Debit Plus Remit, 24/7

November 22, 2011

There's a new Visa card that aims to help underserved immigrants benefit from the safety and convenience of electronic payments.

24/7 Card, a firm operating out of Los Angeles and Manila, is rolling out a Visa-branded prepaid debit and remittance card designed for Filipino and other immigrant communities in the U.S. It's motto is The Better Way to Bank and Send Money, as the card can be used for shopping, paying bills and funding remittances, 24 hours a day, 7 days a week. Remittance recipients can pick up funds at an army of 24/7 remittance partners in the Philippines; have funds deposited directly into bank accounts; or have the money hand-delivered, where available.

24/7 Card has enlisted the support of world boxing champ and Filipino politician Manny Pacquiao to be the face of its new prepaid Visa. In a press release announcing the new card, Pacquiao said the card "makes it easier and more affordable for global Filipinos to stay connected with - and financially support - their families back home, and that's a great thing for our community."

The 24/7 Card is the latest in a string of new prepaid debit card offerings that target specific immigrant groups. A group affiliated with credit union groups announced a similar product earlier this month that targets underserved Hispanic communities. (Click here for that story.)

More than 8,200 federally-insured financial institutions were collecting deposits and/or making loans to the U.S. "banking public" as of March 31, 2009.

_-FDIC