MasterCard® MoneySend(TM) to Make Money Transfers Simpler and Easier for Banks and Cardholders Worldwide
PURCHASE, N.Y., Nov. 17 /PRNewswire-FirstCall/ -- MasterCard Worldwide today announced that starting in 2010, MasterCard customer financial institutions will have the capability to offer MasterCard cardholders money transfers from any MasterCard or Maestro card to any other MasterCard or Maestro card. The global card-to-card money transfer service will expand the usability and value of MasterCard products and global payments network by providing its customers with a convenient and cost-effective money transfer platform enabling person-to-person payments and cross-border remittances.
For the over 197 million foreign workers worldwide(1) who are sending their pay packets home to their families, MasterCard MoneySend will help banks fulfill the market need for a money transfer platform that gives cardholders control over their money. The platform will support cardholder remittance payments enabling cardholders to send money that is quickly accessible to the recipient.
"We are focused on developing convenient and secure solutions for the day-to-day financial realities of consumers around the world," said Joshua Peirez, Group Executive, Innovative Platforms, MasterCard Worldwide. "As the flow of money between global workers and their families continues to grow, MasterCard MoneySend provides a valuable, convenient and reliable money transfer option for consumers."
Peirez added, "That we now offer a better alternative for sending and receiving person-to-person payments is a significant expansion of the functionality of our network. It will help our customers capture greater global remittance processing share."
By offering a money transfer option that addresses concerns about the cost, quality and reliability of available money transfer platforms, MasterCard is delivering a viable solution to financial institutions. The MasterCard Worldwide Network provides the infrastructure enabling all transactions to be processed through cardholders' issuing banks and the MasterCard global payment network. This will give banks access to the $456 billion(2) global remittance opportunity while fostering deeper relationships with their cardholders. Asia Pacific, the Middle East and Africa comprise over 46% of the world's remittance volumes(3).
"MasterCard MoneySend removes barriers impeding the transfer of money around the world and provides the global economy with a robust infrastructure that supports growth in international transfers as consumers continue to remit funds globally," said Walt Macnee, President, International Markets, MasterCard Worldwide. "This platform, built on the strength of the MasterCard Worldwide Network, is a clear example of MasterCard delivering upon its mission to advance global commerce by giving banks and cardholders access to secure and convenient money transfers."
MasterCard MoneySend Enables Functional, Reliable Global Money Transfer
The MasterCard MoneySend platform offers the network infrastructure for the development of a robust global marketplace enabling value, convenience and reliability for global money transfer. Currently, MasterCard MoneySend supports money transfer services in 17 countries. The global availability of the MoneySend card-to-card money transfer service will build upon these ongoing initiatives utilizing the key insights, including consumer attitudes and needs and partner integration and interoperability, learned in these markets to deliver the best possible solutions to all financial institution customers globally.
New and existing MasterCard financial institutions can participate and offer the money transfer platform to their MasterCard cardholders through their online banking websites. The MoneySend platform offers participating customer financial institutions real-time authorization resulting in faster disbursement of funds.
MasterCard MoneySend Momentum
- In 2009, MasterCard goes live with fully-integrated, on-demand person-to-person mobile payment platform for issuers in the United States. With the new platform, MasterCard participating bank customers in the United States are able to offer Mobile MasterCard MoneySend P2P payments to their customers.
- In 2008, Punjab National Bank in association with MasterCard introduced MasterCard MoneySend, enabling money transfers from MasterCard or Maestro accounts held at Punjab National Bank to any MasterCard or Maestro account at participating banks across India.
- In 2008, DBS Bank Ltd (DBS) and MasterCard launched MasterCard MoneySend, enabling DBS customers to make remittances to participating banks in Indonesia, Malaysia, Philippines, Thailand and India.
- In 2007, MasterCard Worldwide along with State Bank of India (SBI) announced the launch of MasterCard MoneySend, allowing consumers to conveniently send intra-country person-to-person money transfers using the ATM channel.
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.
(1) World Bank (2005)
(2) The Aite Group, projected estimate by 2010 in USD (March 2007)
(3) World Bank (2005)
Contacts: Erica Harvill, MasterCard WorldwideSOURCE MasterCard Worldwide
Erica_harvill@mastercard.com,914-249-6848
Kaitlin Jaxheimer, Weber Shandwick Worldwide
kjaxheimer@webershandwick.com,
