Continuing its bid to drive innovation in the
P2P transfer market, MasterCard is to expand its MoneySend P2P
mobile platform across the US by the end of this month.
The MoneySend platform allows customers to
initiate transfers to any domestic mobile phone number via SMS
message, mobile web browser or a downloadable MoneySend
application.
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In the initial stages of the launch consumers
will be able to access the MoneySend program using their MasterCard
prepaid card issued by The Bancorp Bank. They will then link the
account to their mobile phone to send or receive money. As
additional issuers enrol for the platform customers will be able to
incorporate the MoneySend platform into their everyday
accounts.
“Our existing MoneySend platform and Obopay’s
connectivity to mobile networks has allowed us to bring a simple
solution for mobile P2P payments to consumers in the US in
partnership with our customer banks,” said Art Kranzley, chief
emerging technology officer, MasterCard Worldwide.
“We know that consumers are now constantly
connected, whether in front of their computer screens or on the go
with their mobile phones that are always there and always on. Since
the MoneySend platform supports P2P payments through any PC or
mobile device, we are able to offer a consistent transaction
experience in both online and mobile channels for consumers in the
US.”
The funds transferred through the MoneySend
platform can initially be accessed through a prepaid account with
The Bancorp Bank. These funds are then available for access through
a mobile phone. If the consumer has a MasterCard card associated
with the account the funds can also be accessed at traditional
points of interaction, including ATMs, over-the-counter at a bank
branch, or at point-of-sale.
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By GlobalData“We know that consumers in the US are looking for better ways to
send money to their friends and family quickly, securely and
easily,” said Terrence Crowley, senior vice president, The Bancorp
Bank. “Leveraging MasterCard’s MoneySend platform, Bancorp is
excited to be able to offer a prepaid solution that makes
person-to-person money transfer via mobile phones an attractive
opportunity for our cardholders.”
