MasterCard Send is a new payment system that allows businesses, governments, nonprofits and card issuers to transfer funds to consumers’ checking accounts via any U.S. debit card, including non-MasterCard cards.
MasterCard this week announced the new “personal payments” service, which the second-largest payment card network also calls a “person-to-person” platform, or P2P.
Consumers can send and receive funds among friends and family, typically within seconds through providers, including card issuers, money transfer operators, merchants and other entities, MasterCard said. The service also provides the capability for cross-border P2P payments reaching consumers anywhere.
MasterCard said the service enables “disbursements and person-to-person (P2P) payments to and from virtually any U.S. debit card account, including non-MasterCard debit cards.”
According to MasterCard’s announcement, MasterCard Send is “far superior to existing solutions that either limit transfers within a closed-loop network or involve ACH, which can take several days for funds to be received.”
MasterCard states that insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds can now be sent in real-time via MasterCard Send.
“Merchants and businesses across a wide array of industries, as well as government and other non-profit organizations can also take advantage of the reach, speed and simplicity of MasterCard Send, while providing a better consumer experience,” MasterCard said.