MasterCard launched MasterCard Send – a first-of-its-kind personal payments service that 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 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.
- 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.
Josh Jandrain, vice president of application development for Berkshire Hathaway Travel Protection, noted, “From the very beginning, this has been an easy integration into our claims processing system and we look forward to bringing this capability to our customers. We take pride in providing our travelers with the latest innovations and technologies, and paying claims instantly to their personal accounts is another example of what makes us unique.” Berkshire Hathaway Travel Protection recently completed development, and will go live in the months to come.
“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.”
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.