MasterCard MoneySend for iPhone and iPad

MasterCard Worldwide has announced the availability of the MasterCard MoneySend service for iPhone and iPad users, a convenient way to transfer money in the United States from person-to person by combining the power of your iPhone or iPad with your banking relationship. MasterCard MoneySend is available for free download at the iPhone App Store.

“MasterCard MoneySend allows users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons including the everyday ‘IOU,’ informal services purchased from friends and family, payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman,” said Joshua Peirez, Chief Innovation Officer, MasterCard Worldwide. “With MoneySend, users avoid the hassle of making payments with cash, check or money orders and collecting funds is as simple as a text message with the ‘Request Funds’ feature of the app.”

MasterCard MoneySend allows users in the U.S. to send or request money via their iPhone through participating banks and credit unions, or when they create a virtual prepaid account through Bancorp Bank that is linked to an existing MasterCard payment card or checking account. The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges through the app. Personal and financial information is never stored on the iPhone or iPad.

Registered MoneySend users have the ability to:
+ Accept credit or debit card payments
+ Send money to family members (*bank sending fees may apply)
+ Pay for informal goods and services (*bank sending fees may apply)
+ Request money from people who owe you money
+ Simplify your business or non-profit collection effort the Request Funds feature
+ Manage your MoneySend transaction history from your iPhone or iPad

The MasterCard MoneySend Prepaid Card and Virtual Account are issued by The Bancorp Bank pursuant to license from MasterCard. The card and virtual account is administered by Obopay Inc., Member Service Provider, (“MSP”) pursuant to an agreement with The Bancorp Bank. The MasterCard MoneySend Prepaid Card can be used anywhere Debit MasterCard is accepted.