Posted by William Charles on May 20, 2015
Misc mastercard send

Published on May 20th, 2015 | by William Charles

10

MasterCard Announces “Send”, Their New Money Transfer Service

MasterCard recently announced the launch of their new money transfer service, Send. Simply put MasterCard send allows any two parties to send and receive money. It seems similar to other mobile applications such as Square cash, Venmo, Paypal and even Facebook but the main difference seems to be that they also have a strong focus on business & government clients that do large disbursements (e.g rebates, refunds or insurance claims).

Their main selling point over traditional methods of sending money (ACH transfers & checks) seems to speed with funds being available for use within 30 minutes of being sent. Funds will be able to be received on MasterCard & non MasterCard debit cards, mobile wallets, bank accounts and cash agents.

To begin with MasterCard have launched with partners Berkshire Hathaway Travel Protection and FreeShipping.com, but other than that there really isn’t much information about the program. There are no fees listed and no way to sign up for the service.

It looks like to begin with they will be launching with consumers in the US that have a debit card, in this respect there really is no difference between them and their competition in Square/Venmo. I’m interested to see how this develops over time.



10 Responses to MasterCard Announces “Send”, Their New Money Transfer Service

  1. Trevor says:

    The real question is whether there will be cash advance fees.

  2. Paul says:

    The $64 MM question is: Will vgc work on this system? And what are the fees?

  3. Nicolas says:

    I would love to know if this would work for sending money abroad.

  4. aegt says:

    I’ve been trying to get @AskMastercard to give me a sign up link, but they are of no help. it seems like it works only if Berkshire and FreeShipping is sending you money.

  5. JustSaying says:

    No way to sign up and no mention of fee structure……..bad marketing…….don’t waste your PR budget until you are ready to play it seems to me……….

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