MasterCard has launched a new disruption to the payments ecosystem with the launch of MasterCard Send. MasterCard Send is the only personal payments service that can reach virtually all U.S. debit card accounts and enable funds to be sent and received typically within seconds.
The first-of-its-kind personal payments service enables funds to be sent quickly and securely to consumers domestically and internationally. Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers whether they are banked or unbanked, and located domestically or abroad. By digitizing personal payments that are typically handled via cash or check, MasterCard is providing greater convenience, choice and security to both payment senders and receivers in developed and developing markets.
MasterCard Send is breaking down barriers by delivering immediate and secure payments transactions to consumers, who can easily receive funds in real-time – anytime, anywhere and through any channel, based on their personal preferences. This includes the receipt of funds on MasterCard and non-MasterCard cards, into mobile money and bank accounts, and via cash agent outlets.
Now live in the U.S., MasterCard Send is designed to align with the needs outlined in the Federal Reserve’s initiative focused on enhancing the speed, security and efficiency of the U.S. Payments System. This unique platform will enable disbursements and person-to-person (P2P) payments to and from virtually any U.S. debit card account, including non-MasterCard debit cards.
MasterCard Send is far superior to existing solutions that either limit transfers within a closed-loop network or involve ACH, which can take several days for funds to be received.
• P2P Payments – With MasterCard Send, consumers can seamlessly send and receive funds from friends and family typically within seconds through providers including issuers, money transfer operators, merchants and more. The service also provides the capability for cross-border P2P payments reaching consumers anywhere.
• Disbursements – Insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds can now be sent in real-time, which means no more waiting to access vital funds. Berkshire Hathaway Travel Protection and FreeShipping.com are among the first to leverage MasterCard Send for disbursements. Merchants and businesses across a wide array of industries, as well as government and other non-profit organizations can also take advantage of the reach, speed and simplicity of MasterCard Send, while providing a better consumer experience.
MasterCard Send is the only end-to-end digital platform that leverages the industry-leading MasterCard network, paired with key capabilities from other personal payments platforms including HomeSend. For more information, go to: www.mastercard.com/send.
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