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MasterCard launches new mobile person-to-person payments service in the U.S.
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www.mastercard.com
Thursday, May 14, 2009 - 10:45
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MasterCard Offers Issuers in the U.S. the Ability to Provide Customers Person-to-Person Payments Using their Mobile Phones Purchase, NY, May 13, 2009 -
MasterCard today 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.”
Kranzley added, “The availability of the MoneySend P2P platform in the U.S. builds upon the success we’ve seen with MoneySend
in the Asia Pacific Middle East Africa region, where it is available in
17 countries, including Singapore, Malaysia, Indonesia, Thailand, India
and the Philippines. MasterCard is continually expanding both the
number of markets in which the platform is offered and the channels
through which consumers can access it.”
“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."
“With consumers
clamoring for services that fit their mobile lifestyle, we’re happy to
work with MasterCard, a company that has long embraced the enormous
potential to turn every mobile device into a payment device,” said
Obopay Senior Vice President Michael E. Diamond. “Through our
partnership with MasterCard, we’re giving millions of people the means
to easily and securely send money to family, friends and loved ones.”
“Nokia has long been a leader in developing mobile devices that offer
access to mobile payments and is excited to see this latest
innovation which takes mobile payment services to the next level in the
U.S.,” said Teppo Paavola, Vice President, Corporate Business
Development, Nokia. “We believe that industry collaboration is vital to
the success of mobile payments and, together with Obopay and
MasterCard, we look forward to further innovation in this area.”
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Read the full story by clicking the link below
http://www.mastercard.com/us/company/en/newsroom/pr_mc_mobile_moneysend_platform_set_to_go _live.... |
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Tags: Peer-to-Peer Money Transfer, Press Release, Mobile Payments, Americas, MasterCard |
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