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MasterCard launches personal payments service

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MasterCard has launched a service designed to make it easy and fast for businesses, governments and others to send money to consumers around the world.

Live in the US, MasterCard Send is a “personal payments service” that gives the likes of merchants and non-profits access to a platform from which they can send money to consumers whether they are banked or unbanked, and located domestically or abroad.

Berkshire Hathaway Travel Protection and FreeShipping.com have already signed up for the service, which MasterCard says will boost convenience, choice and security for both payment senders and receivers, who still often deal in cheques.

Insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds can be sent in real-time to mobile money and bank accounts, and via cash agent outlets. Payments can be made to and from virtually any US debit card account, including non-MasterCard ones, with MasterCard claiming its system is “far superior” to other options that either limit transfers within a closed-loop network or involve ACH.

In addition, consumers can use the platform for P2P payments through providers including issuers, money transfer operators, merchants and more. The service also provides the capability for cross-border P2P payments.

Ed McLaughlin, chief emerging payments officer, MasterCard, says: “MasterCard Send is addressing a real need that exists in today’s digital world to enable consumers, businesses, governments and more to have a safe, simple and secure way to transfer and receive funds quickly.”

Source: Finextra