June 04, 2010

A new mobile app released June 3 by MasterCard for Apple iPhone and iPad users, allows person-to-person money transfers to accounts at participating banks and credit unions, or with a virtual prepaid account through Bankcorp Bank that is linked to existing MasterCard payment cards or checking accounts.

Dubbed MasterCard MoneySend, the app uses technology administered by Obopay, Inc. The app allows users to accept credit or debit card payments, send money to family members, pay for informal goods and services, request money from people who owe it, simplify business or non-profit collections and manage transaction history.

"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.”

The MoneySend app is available as a free download in the iTunes App Store.