MasterCard enables person-to-person payments for iPhone, iPad
MasterCard Worldwide has launched the MasterCard MoneySend service for Apple’s iPhone and iPad users to enable peer-to-peer mobile payments.
The application provides consumers with a way to transfer money in the United States from person-to-person using their iPhone or iPad taken with their existing banking relationship. MasterCard MoneySend is available as a free download in the iTunes App Store.
“MasterCard launched MoneySend for the iPhone and iPad as a part of our commitment to help make life easier not only for MasterCard cardholders, but for all consumers,” said Brian Ducharme, vice president at MasterCard Worldwide, Purchase, NY. “MoneySend is targeted at consumers looking for an easier way to pay each other for everyday things.
“And, as many small businesses begin as social merchants first selling informally to people they know, MoneySend offers these entrepreneurs a way to collect payments via credit or debit cards in the early stages of any small business,” he said.
“For the personal trainer, babysitter, part time gardener, housekeeper, painter or repairman, this is a way to simplify collecting payment from busy customers.”
The MasterCard MoneySend Prepaid Card and Virtual Account are issued by the Bancorp Inc.’s Bancorp Bank pursuant to license from MasterCard.
The MasterCard MoneySend Prepaid Card can be used anywhere Debit MasterCard is accepted.
The Bancorp Bank’s payments offering includes card issuing, card acquiring, ACH, wire transfer services and customized deposit account structures.
How it works
MasterCard MoneySend lets users in the U.S. send or request money via their iPhone or iPad through participating banks and credit unions, or when they create a virtual prepaid account through Bancorp Bank that is linked to an existing MasterCard payment card or checking account.
The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges through the application.
Personal and financial information is never stored on the iPhone or iPad.
MasterCard MoneySend lets users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons, including the everyday IOU, informal services purchased from friends and family or payments to a service provider.
“Nonprofit organizations looking for an easier way to collect infrequent donations electronically rather than cash or check can use MoneySend as it offers the den mother, candy fund-raiser chairperson and other volunteer based activities an easier way to receive funds,” Mr. Ducharme said.
“Giving the donor a way to pay electronically is equally important as it may save them time and increase the likelihood of donating,” he said.
With MoneySend, users can avoid making payments with cash, check or money orders, instead collecting funds via text message with the ‘Request Funds’ feature of the application.
Registered MoneySend users have the ability to:
— Accept credit or debit card payments
— Send money to family members (bank sending fees may apply)
— Pay for informal goods and services (bank sending fees may apply)
— Request money from people who owe them money
— Simplify their business or non-profit collection effort the Request Funds feature
— Manage their MoneySend transaction history from their iPhone or iPad.
“MasterCard works with many of its issuer customers around the globe to bring new innovation to consumers and the Bancorp Bank recognized early on, the value of MoneySend,” Mr. Ducharme said.
“We are proud to have them be the first among many issuer customers enabling MoneySend in the United States as they join the ranks of other MasterCard issuer customers internationally who already support MoneySend in nearly 20 countries,” he said.
Mr. Ducharme said that MasterCard and Obopay share a common goal of helping to expand the ease of money transfer for consumers and issuers alike.
“When combining Obopay’s channel enablement with MoneySend’s person to person payment capabilities, on top of the MasterCard Global Payment Network, we have been able to accelerate the speed to market, offer issuers a managed service deployment option that drives revenue opportunity and deliver convenience to those consumers looking to send, pay or request funds with greater ease,” Mr. Ducharme said.
“Obopay is helping MasterCard enable emerging payment channels like the mobile device for p-to-p and remittances in a cost-effective deployment approach that allows issuer customers to offer new services quickly,” he said.
“In partnership with our Issuer Customers, MoneySend will be promoted to consumers in a variety of ways that include grass-root outreach, word of mouth and offers to try the service.”