MasterCard has launched MasterCard Send, a service designed to make it seamless for businesses, governments and others to send money to consumers around the world.
Live in the US, MasterCard Send is being touted as 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 says the service 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 superior to other options that either limit transfers within a closed-loop network or involve ACH.
Consumers can also 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.