MasterCard Launches iPhone P2P Service

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PURCHASE, N.Y. – MasterCard yesterday announced the roll out of a person-to-person money transfer service for iPhone and iPad users.

MasterCard MoneySend allows users in the U.S. to send or request money via their iPhone through participating credit unions and banks, 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.

MasterCard MoneySend is available for free download at the iPhone App Store.

The MasterCard MoneySend Prepaid Card and Virtual Account are issued by The Bancorp Bank pursuant to license from MasterCard. The Bancorp Bank is a $2 billion bank based in Wilmington, Del., that provides private-label banking and technology solutions for non-bank companies. The card and virtual account is administered by Obopay Inc.

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