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List of Press ReleasesJuly 2010 Western Union signs up electronic payments provider i-PCV
Western Union’s first e-commerce related Agent provides access to i-PCV’s multitude of merchant partners - health and beauty, pharmacies, gasoline stores and internet cafes to on-line amusement games stores.
Manila, Philippines; July 28, 2010 – Western Union has signed i-Pay Commerce Ventures, Inc. (i-PCV), a back-end electronics payments provider for store and on-line businesses as its newest Agent to offer Western Union® Money Transfer services.
The agreement with i-PCV, a subsidiary of publicly listed information technology conglomerate IPVG Corp. (PSE: IP) cements Western Union’s foray into a new class of trade – electronic commerce – which gives the company access to i-PCV’s multitude of merchant partners from health and beauty, pharmacies, gasoline stores and internet cafes.
i-PCV will activate up to 200 of its merchant partner locations to offer Western Union’s international and domestic money transfer services by year-end 2010, another 300 by year-end 2011, and another 500 by year-end 2012. Besides the expansion of retail store types, the agreement also strengthens Western Union’s network presence in greater metro-manila beyond metro-Manila mirroring i-PCV merchant’s nationwide presence.
“Signing up many classes of trade to offer Western Union Money Transfer services is in keeping with our network expansion strategy. This enables us to uphold our commitment to providing more choice and convenience to consumers in the Philippines, matching their lifestyles and schedule,” said Patricia Riingen, Senior Vice President, Pacific & Indochina, The Western Union Company.
“The agreement with i-PCV is significant as it expands our current classes of trade to include a new and emerging class of trade such as e-commerce which services a variety of ‘every-day’ type retail stores.”
“Western Union’s current footprint means consumers in the Philippines can access international and domestic money transfer from the most extensive choice of trades. This includes post offices, banks – commercial savings and rural, financial and foreign exchange service providers, pawn brokers, pharmacies, courier services, department and convenience stores, multi-purpose cooperatives including lending and grocery, gasoline stores, travel agencies, mass transit stations and hospital trades such as bars and restaurants,” she said.
“Signing up as a direct agent with Western Union provides us with a new stream of business and revenue covering the vital area of international and domestic remittances,” said Enrique Y. Gonzalez, Chief Executive Officer, IPVG Corp.
By virtue of i-PCV’s network of retail merchants – both store and on-line, it gives the company an undisputable advantage to expand Western Union® Money Transfer Services across a network of stores that Filipinos have regular contact with – whether that be a beauty and health store, a pharmacy or a mass transit outlet.
“Our plans to continually expand our retail base of SME’s in the country uniquely positions i-PCV to become a leading remittance provider of globally reputable Western Union Money Transfer services,” says Alejandro James Chiongbian, President, i-Pay Commerce Ventures Inc.
“The tie-up with Western Union solidifies i-PCV’s position as a valuable partner to retail and on-line businesses looking to enhance their revenue streams by including Western Union international and domestic remittances services within their current portfolio of product and services,” adds Chiongbian.
Western Union Money Transfer services are offered in over 6,800* agent locations in the Philippines, making it present in almost all municipalities and provinces and all 128 cities in the country. [*Network data year end March 2010]
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i-Pay Commerce Ventures, Inc. (i-PCV) is a subsidiary of IPVG Corp. i-PCV provides value-added payment transactions to various partners in the Philippines and abroad. Such services include processing of local and international remittances via Western Union, processing of internet-based debit and credit card payments (e-commerce), issuance of debit cards, and loyalty programs among others. i-PCV parent company IPVG is publicly listed on the Philippine Stock Exchange (PSE Ticker Symbol: IP). Its subsidiaries operate in the following business segments: (i) Communications (IP Services and Internet Security); (ii) Content (On-line gaming and Mobile solutions), and (iii) Business Process Outsourcing (BPO). For more information, visit www.ipvg.com.
About Western Union:
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.
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