MasterCard launches personal payments service

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.

„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.”, according to the press release.

The 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 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 – 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.”, MasterCard says.

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.

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“We’re excited about the enhanced service and convenience that MasterCard Send provides,” said Tom Caporaso, chief executive officer of FreeShipping.com. “This new payment platform will allow us to deliver rebates and cash-back payouts quickly and seamlessly to subscribers who register any debit card account, including non-MasterCard cards, with FreeShipping.com.”

“Through MasterCard Send, we have enabled a breakthrough solution that takes the pain out of the system, provides faster clearing of payments, and delivers a better user experience for senders and receivers alike,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “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.”