As a slew of companies from an expanding array of industries enter the P2P payments space, MasterCard today launched a P2P payments and disbursement service called MasterCard Send, a personal payments service that allows consumers to send funds domestically and internationally. According to the company, a single connection to the MasterCard Send platform allows businesses, merchants, governments, non-profits, issuers and others to send money to consumers whether they are banked or unbanked, and located domestically or abroad.
MasterCard Send delivers fast and secure payment transactions to consumers, who can receive funds in real-time and through any channel, based on their personal preferences. This includes the receipt of funds on MasterCard and non-MasterCard cards, into mobile money and bank accounts, and via cash agent outlets.
Now live in the U.S., MasterCard Send is designed to align with the needs outlined in the Federal Reserve’s “Strategies for Improving the U.S. Payment System” initiative released earlier this year, which calls for a faster and more efficient U.S. Payments System. The MasterCard Send platform will enable disbursements and person-to-person (P2P) payments to and from virtually any U.S. debit card account, including non-MasterCard debit cards. MasterCard Send works with virtually all U.S. debit card accounts and enables funds to be sent and received typically within seconds and do not limit transfers to within a closed-loop network or involve ACH, which can take several days for funds to be received.
- P2P Payments – With MasterCard Send, consumers can seamlessly send and receive funds from friends and family typically within seconds through providers including issuers, money transfer operators, merchants and more. The service also provides the capability for cross-border P2P payments reaching consumers anywhere.
- Disbursements – Insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds can now be sent in real-time, which means no more waiting to access vital funds. Berkshire Hathaway Travel Protection and FreeShipping.com are among the first to leverage MasterCard Send for disbursements. Merchants and businesses across a wide array of industries, as well as government and other non-profit organizations can also take advantage of the reach, speed and simplicity of MasterCard Send, while providing a better consumer experience.
Josh Jandrain, vice president of application development for Berkshire Hathaway Travel Protection, noted, “From the very beginning, this has been an easy integration into our claims processing system and we look forward to bringing this capability to our customers. We take pride in providing our travelers with the latest innovations and technologies, and paying claims instantly to their personal accounts is another example of what makes us unique.” Berkshire Hathaway Travel Protection recently completed development, and will go live in the months to come.
“We’re excited about the enhanced service and convenience that MasterCard Send provides,” said Tom Caporaso, chief executive officer of FreeShipping.com. “This new payment platform will allow us to deliver rebates and cash-back payouts quickly and seamlessly to subscribers who register any debit card account, including non-MasterCard cards, with FreeShipping.com.”
“Through MasterCard Send, we have enabled a breakthrough solution that takes the pain out of the system, provides faster clearing of payments, and delivers a better user experience for senders and receivers alike,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “MasterCard Send is addressing a real need that exists in today’s digital world to enable consumers, businesses, governments and more to have a safe, simple and secure way to transfer and receive funds quickly.”
The platform leverages the MasterCard network, paired with key capabilities from other personal payments platforms including HomeSend, a joint venture with MasterCard, eServGlobal and BICS, that lets consumers send money to and from mobile money accounts, payment cards, bank accounts or cash outlets.
Source: MasterCard