MasterCard has today announced that its new MasterCard MoneySend service for iPad and iPhone users has gone live. The app, which can be downloaded for free from the Apple iTunes App Store, is designed to make it easy to transfer money from person-to-person in the United States. Users can send or request money via their iPad or iPhone through participating banks and credit unions, or when they create a virtual prepaid account through Bancorp Bank that is linked to an existing MasterCard payment card or checking account. The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges via the app. Personal and financial information will never be stored on the iPhone or iPad, according to MasterCard.
“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, MasteCard 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.
By: Maura Sutton, iPadForums.net