Question-and-Answer Session

Operator

Ladies and gentlemen, if you would like to post a question, please press star one on your touchtone phone. If your question has answered and you wish to withdraw, you may press star two. Please press star one to begin.

And our first question will come from Greg Smith with Duncan Williams. Please proceed. And Mr. Smith, your line is open. Please check your mute feature on your phone.

Gregory Smith - Duncan Williams Inc.

Yeah. Hi. Can you hear me?

Christina A. Gold

Hi, Greg.

Scott T. Scheirman

Hi, Greg.

Gregory Smith - Duncan Williams Inc.

Hi. Good morning. Christina, you talked about prepaid. I was hoping you could just expand a little bit on that and kind of what you think the market opportunity is and how the revenue model will play out for Western Union?

Christina A. Gold

You know, as you look at the market for the prepaid, it's in the billions of dollars. It's a very large category and what we're trying to determine exactly is what space are we playing in and we really are trying to look at our customers and see a couple of things.

Firstly, we're looking at prepaid as an alternative in terms of using it for home delivery and direct to consumers. And that's one of the tests that we're doing with the MoneyWise card and we're seeing good optic on that and good performance there.

And then the other piece of it is, how do we expand our gold program where we have about eight million consumers in the U.S. on the Gold card and can we move them over to the prepaid and we're seeing uptick on that as well.

So I would say that as we come into 2010 we'll be in a better position to clarify exactly the size we're looking at because we are testing a lot of alternatives. But preliminary, we're very pleased with what we see.

We also see good metrics in terms of profitability and in terms of return for the company, so we're not -- we're not giving ourselves a difficulty in terms of margin. So I think all of the things are lining up extremely well and as we bring our plans to you for 2010, we can give you a little more detail on that.

Gregory Smith - Duncan Williams Inc.

Okay. Great. And then, just a few more comments about the payment services directive has, you've obviously had some nice announcements and new agents. Have things kind of met your expectations on that front and progressing as you expected or have there been any stumbling or road blocks in anyway?