MasterCard mobile P2P payments platform set to go live
14 May 2009 | 12909 views | 0
MasterCard has teamed with the Bancorp Bank for the launch of its person-to-person mobile payment platform for US issuers.
The service - offered via MasterCard's P2P money transfer system MoneySend - has been developed with m-payments specialist Obopay.
Although initially only for Bancorp Bank pre-paid cardholders, all issuers can sign up for the platform, enabling their customers to use MoneySend with debit, credit, pre-paid or checking accounts.
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. Pre-registered recipients then receive a text message confirmation of the transfer. Non registered users get an SMS informing them the payment is pending.
The funds can then be accessed through an account designated during the registration process - initially, the Bancorp Bank pre-paid offering. Recipients can obtain the money through the mobile phone or, if they have a MasterCard card associated with the account, at ATMs, in branch or at the point-of-sale.
Art Kranzley, chief emerging technology officer, MasterCard Worldwide, says: "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 US."
Terrence Crowley, SVP, The Bancorp Bank, adds: "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."