Posts filed under ‘Wireless Telecom’
MasterCard is going to launch its P2P mobile remittance platform for issuers in the US later this month. MasterCard has partnered with The Bancorp Bank for this launch and worked with US mobile payments services provider Obopay to add a mobile channel to its money transfer platform MoneySend. In a first phase, consumers will be able to use MoneySend with a MasterCard prepaid card issued by The Bancorp Bank and link it to their mobile phone number to send or receive money. Banks who will use the platform will enable customers who register for MoneySend to use it with their everyday accounts, including MasterCard debit, credit, prepaid or checking, as determined by their issuer. The platform enables users to send and receive funds via SMS message, mobile web browser or a downloadable MoneySend application. Upon the initiation of the transfer, the sender approves the request by entering the MoneySend mobile PIN which is only known by the accountholder. Subsequently, 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.