MasterCard Mobile Payment Platform to Go Live This Month
May 14, 2009 10:51 AM | Services | Comments (0)
 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.
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