MasterCard announced that their fully-integrated, on-demand person-to-person (P2P) mobile
payment platform for issuers in the United States is set to go live
later this month. With this new platform, MasterCard participating bank
customers will be able to offer Mobile MasterCard MoneySend P2P
payments to their customers. Mobile MoneySend is the breakthrough
consumer payment platform that provides a better way to send and
receive funds via SMS-text, mobile browser, mobile applet or an
Internet PC. Initially, consumers will be able to use MoneySend with a
MasterCard prepaid card issued by The Bancorp Bank and then link it to
their mobile phone number to send or receive money.
As additional issuers enroll for the platform, their customers will be able to
use MoneySend with their
everyday accounts, including MasterCard debit, credit, prepaid or checking, as
determined by their issuer. Once registered for MoneySend, consumers have the flexibility of directly, easily
and securely transferring funds to and from family and friends through their
mobile phone, eliminating the need to write or cash checks, visit ATMs, or wire
money domestically.
Senders initiate transfers to any domestic mobile phone number via SMS message,
mobile web browser or a downloadable MoneySend
application. Upon initiation of the transfer, the sender approves the request
by entering the MoneySend
mobile PIN which only the accountholder knows. Then the recipient receives a
text message confirmation of the transfer (for pre-registered users) or that
the transfer is pending (for yet to be registered users). The funds can then be
accessed by the recipient through an account designated during the registration
process. Initially, this will be a prepaid account with The Bancorp Bank. These
funds are then available for access through the 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 the point-of-sale.
“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 U.S. 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 U.S.”
“We know that consumers in the U.S.
are looking for better ways to send money to their friends and family quickly,
securely and easily,” said Terrence Crowley, Senior Vice President with 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."
MasterCard
