Freedom Mastercard Alliance - Philippine National Bank White Eagle (Europe) Plc wins Europe-wide contract with Philippine National Bank for the Freedom Prepaid MasterCard to service the $15bn Filipino remittances market
White Eagle (Europe) Plc wins Europe-wide contract with Philippine National Bank for the Freedom Prepaid MasterCard to service the $15bn Filipino remittances market
White Eagle is a Technology company, positioned at the forefront of the convergence between the high growth, Prepaid Card market, Digital Electronic Payments, e-money and Mobile Payments Industry and announces today that it has signed a contract with Philippine National Bank (PNB) to launch its flagship Freedom Prepaid MasterCard throughout its European network.
PNB will promote the product to its account holders living or working in Europe as an International payment and remittances card. There are today more than 9 million Filipinos working outside of the Philippines. Over the past twenty years, the number of Filipinos living and working in the UK alone has increased by more than 833% from circa 18,000 in 1986 to more than 250,000 in 2009.
Cash sent home by Filipinos working abroad rose by 5.6% in 2009 to $US17.3 billion. Filipino money remittances from abroad in 2009 accounted for 10.8% of the country's gross domestic product. According to the BBC, 85.4% of new immigrant Filipinos, to the UK of working age are employed. In 2000, the Philippine Government proactively appealed to Filipinos overseas to remit more to save its economy. The Freedom Prepaid MasterCard will be promoted as a new, cheaper and quicker way to regularly remit money to friends and relatives back home. The Freedom Prepaid MasterCard is a multi level, fully reloadable, full ATM cash access embossed payment card with Chip & PIN security. Offering cardholders a choice of 3 flexible tariffs and the ability to manage funds 24/7, in real-time and remotely, via mobile phone text services- in short, this is a real mobile banking solution for this vibrant market. Additional benefits to cardholders include free insurance protection on all purchases made, exclusive cashback deals for online shopping, the ability to build and improve credit ratings, also the Freedom MasterCard comes with a quality low cost International calling service with calls costing as little as 1p per minute and the "calling" account is automatically linked to the Freedom MasterCard with complete real time visibility of calling costs.
PNB customers will be able to spend their funds on the card in the same way as a regular debit or credit card, but with no risk of becoming overdrawn. Using an additional Freedom money remittance "Companion Card" they can also share money with friends and relatives in their country of origin, instantly and free of charge.
Once loaded with funds, the Freedom MasterCard is accepted at over 28 million locations worldwide wherever the MasterCard® acceptance mark is displayed and can be used to buy in-store, by phone, via the internet or used at ATMs.
Alex Milan, Managing Director of the Philippine National Bank Europe Plc says:
We are thrilled at the prospect of offering our clients in UK the PNBE-White-Eagle, Freedom MasterCard to give them real freedom in sending money to their loved ones in the Philippines anytime, anywhere