MasterCard announced today that they are pleased to announce that they can do mobile money transfers. PURCHASE, N.Y., May 13, 2009 /PRNewswire-FirstCall via COMTEX/ -- MasterCard (MA) today announced that their fully-integrated, on-demand person-to-person (P2P) mobile payment platform for issuers in the United States is set to go live later this month. With this new platform, MasterCard participating bank customers will be able to offer Mobile MasterCard MoneySend(TM) P2P payments to their customers.
Mobile MoneySend is the breakthrough consumer payment platform that provides a better way to send and receive funds via SMS-text, mobile browser, mobile applet or an Internet PC. Initially, consumers will be able to use MoneySend with a MasterCard prepaid card issued by The Bancorp Bank and then link it to their mobile phone number to send or receive money.
Editor's Note: If MasterCard's Mobile MoneySend is the "breakthrough" consumer payment platform and it's limited...(can "initially" only be used with a MasterCard prepaid card issued by The Bancorp), then HomeATM must have the "quantum leap/transilient version of a P2P money transfer application. Why? Because our version can only be "initially" used with "ANY US Bankcard"...on ANY web device!Senders initiate transfers to any domestic mobile phone number via SMS message, mobile web browser or a downloadable MoneySend application.Oh...and I'm pretty sure I've mentioned once or twice that it's End-to-End-Encrypted (3DES) and "Protected by DUKPT." (as opposed to using SMS messaging or mobile web browsers...or a downloadable application.)
With HomeATM you need only to swipe your card and enter your PIN "ONE-TIME" ...henceforth HomeATM securely stores your encrypted card data in our HSM located at our Network Operations Center.
What does that mean? It means that your mobile phone is forever enabled to 3DES DUKPT "securely" send or receive money...to anyone. Let's review: ANY Bankcard via ANY Web Enabled Device to ANYbody. ANY questions?
As additional issuers enroll for the platform, their customers will be able to use MoneySend with their everyday accounts, including MasterCard debit, credit, prepaid or checking, as determined by their issuer. Once registered for MoneySend, consumers have the flexibility of directly, easily and securely transferring funds to and from family and friends through their mobile phone, eliminating the need to write or cash checks, visit ATMs, or wire money domestically.
Upon initiation of the transfer, the sender approves the request by entering the MoneySend mobile PIN which only the accountholder knows. Then the recipient receives a text message confirmation of the transfer (for pre-registered users) or that the transfer is pending (for yet to be registered users). The funds can then be accessed by the recipient through an account designated during the registration process. Initially, this will be a prepaid account with The Bancorp Bank. These funds are then available for access through the mobile phone. If the consumer has a MasterCard card associated with the account the funds can also be accessed at traditional points of interaction, including ATMs, over-the-counter at a bank branch, or at the point-of-sale.
"Our existing MoneySend platform and Obopay's connectivity to mobile networks has allowed us to bring a simple solution for mobile P2P payments to consumers in the U.S. in partnership with our customer banks," said Art Kranzley, Chief Emerging Technology Officer, MasterCard Worldwide. "We know that consumers are now constantly connected, whether in front of their computer screens or on the go with their mobile phones that are always there and always on. Since the MoneySend platform supports P2P payments through any PC or mobile device, we are able to offer a consistent transaction experience in both online and mobile channels for consumers in the U.S.
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