MasterCard Launches MoneySend for the iPhone and iPad

New App Allows Users to Receive Card Payments from Anyone

Purchase, NY, June 03, 2010 – MasterCard Worldwide today announced the availability of the MasterCard MoneySendTM service for iPhone and iPad users, a convenient way to transfer money in the United States from person-to person by combining the power of your iPhone or iPad with your banking relationship. MasterCard MoneySend is available for free download at the iPhone App Store.

“MasterCard MoneySend allows users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons including the everyday ‘IOU,’ informal services purchased from friends and family, payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman,” said Joshua Peirez, Chief Innovation Officer, MasterCard Worldwide. “With MoneySend, users avoid the hassle of making payments with cash, check or money orders and collecting funds is as simple as a text message with the ‘Request Funds’ feature of the app.”

How it Works

MasterCard MoneySend allows users in the U.S. to send or request money via their iPhone 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 app. Personal and financial information is never stored on the iPhone or iPad.

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 you money
  • Simplify your business or non-profit collection effort the Request Funds feature
  • Manage your MoneySend transaction history from your iPhone or iPad

For complete details on MoneySend, click here.