MasterCard Launches MoneySend™ for the iPhone and iPad

PURCHASE, N.Y.--(BUSINESS WIRE)--MasterCard Worldwide today announced the availability of the MasterCard MoneySend™ service for iPhone and iPad users, a convenient way to transfer money in the United States from person-to person by combining the power of your iPhone or iPad with your banking relationship. MasterCard MoneySend is available for free download at the iPhone App Store.

“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.”

“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.”

How it Works

MasterCard MoneySend allows users in the U.S. to send or request money via their 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 through the app. Personal and financial information is never stored on the iPhone or iPad.

Registered MoneySend users have the ability to:

Accept credit or debit card payments
Send money to family members (*bank sending fees may apply)
Pay for informal goods and services (*bank sending fees may apply)
Request money from people who owe you money
Simplify your business or non-profit collection effort the Request Funds feature
Manage your MoneySend transaction history from your iPhone or iPad

The MasterCard MoneySend Prepaid Card and Virtual Account are issued by The Bancorp Bank pursuant to license from MasterCard. The card and virtual account is administered by Obopay Inc., Member Service Provider, (“MSP”) pursuant to an agreement with The Bancorp Bank. The MasterCard MoneySend Prepaid Card can be used anywhere Debit MasterCard is accepted.

For complete details on MoneySend, click here.

About MasterCard Worldwide

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. Follow us on Twitter:@mcpriceless.com.

About Obopay

Founded in 2005, Obopay, Inc (www.obopay.com) delivers an open, trusted, secure and interoperable mobile payments service by transforming any mobile phone into a convenient and easy way to send and receive money – anywhere, anytime with anyone. Obopay’s broad based offering addresses the needs of consumers and businesses around the world by providing a ubiquitous service that delivers value, empowers lives and improves opportunity for merchants both in the physical and virtual worlds. Obopay’s innovative mobile money services make it easy for all mobile phone users to securely send and receive money, top-up their mobile, buy online, buy via mobile, pay bills and pay small businesses. Obopay believes the power is in the network and has established global partnerships that include Nokia, MasterCard, Citi, AT&T, Verizon, Essar, Yes Bank in India, Blackberry and Societe Generale. Global headquarters are in Redwood City, CA with operations in India.

About Bancorp

The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. The Bancorp Bank's payments offering includes card issuing, card acquiring, ACH, wire transfer services and customized deposit account structures. For more information, please visit TheBancorp.com.