MasterCard (MA) announced Thursday that it will be releasing ‘The MasterCard MoneySend‘ service, a new application for the Apple (AAPL) iPhone and iPad. MonyeSend, which will rival eBay’s (EBAY) PayPal online-payment service, is a payment platform that allows a bank to offer its clients a new, convenient person-to-person mobile payment service.
MoneySend will allow users in the U.S. to send or request money via their iPhone from banks or credit unions through mobile devices, MA said in a press release. The users will 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
“MasterCard MoneySend allows users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons including….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 also said that MoneySend works with debit, credit, and prepaid accounts. If a client dosn’t have an account that works with MoneySend, or if your MasterCard bank is not yet ready for MoneySend, you can create a prepaid MasterCard account to store MoneySend funds.
Shares of MasterCard are up $1.44, or 0.72 percent, at 202.46 1:47 pm EDT in NYSE trading.