MasterCard brings out a progressive payment service “MasterCard Send” that allows you to send and receive money easily cutting short on the time from days to minutes. One can all it a revolution in the line of money transfer. Till now we have been using Paypal, SWIFT or ACH system that had their own loopholes, some taking days for the receiver to receive the money.
With this new service a shift in reimbursement of funds has been created, drastically changing the face of the money transactions. Finally a service that works on faster clearance of money and a better user experience for senders and receivers both.
Barb King, a group head in the MasterCard Payment Systems Integrity Group, described the service as ‘a breakthrough platform in the industry’. She added that MasterCard Send is more appealing than bitcoin because it works on the model that gives the consumer the ability to get funds in a way that they’re already very comfortable with.
A platform that enables a consumer get money transferred in real time- any time, anywhere and through any channel based on his reference.
- Sending money to family, & friends have become quick and secure using MasterCard Send domestically or abroad.
- It enables P2P(sending money to family and friends) and disbursement(insurance claim, rebates, & social benefits) convenient and speedy where the money will be available to the receiver within few minutes rather than days!
- For users in USA, this works fine with both MasterCard or no MasterCard debit cards holder and has provided a real time money transfer to consumers both banked and non-banked.
- Receive money instantly from the providers such as issuers, merchants, government, businesses, non-profits, etc.
- Send money from card to card, including the non-MasterCard.
- Get money transferred to the bank account, MasterCard or non MasterCard, into mobile money or any cash agent outlets.
MasterCard money send is the only personal payment service that has made a mark with all US debit card owners.
It is evident that money transfer with MasterCard Send is going to digitize the personal payment that are otherwise handled via cash or checks. This is a quantum leap in the era of digitization where people need a comfortable means to transfer money that too quickly, securely and conveniently.
With the launch of this service, MasterCard is eyeing on the growing industry of personal payment transfers, be it person-to-person, business-to-consumer or government-to-consumer.
Definitely MasterCard is looking at a bigger picture of personal money transaction and a business that runs in billions.