|MasterCard Mobile MoneySend Platform Set To Go Live|
Posted: 14-May-2009 [Source: MasterCard]
[MasterCard participatingU.S. bank customers will be able to offer Mobile MasterCard MoneySend(TM) P2P payments to their customers. 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.]
Purchase, NY -- MasterCard 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(TM) 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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