MasterCard has launched its m-payment system, MoneySend, in the US. The service works via SMS, mobile Web or mobile application. It allows person-to-person money transfers over your mobile device, and has been available for quite some time now in 17 other countries.
The only bank on-side for this service so far is The Bancorp Bank, though MasterCard claims that it’s in talks with several more issuers.
The service works through pre-paid accounts – which can be funded via a MasterCard card account or a checking account. Funds can be moved to and from the accounts as you wish.
While receiving money is free, The Bancorp Bank is currently charging 29 cents for sending up to $50, up to 99 cents for transfering between $50 and $200, and up to $2.95 for over $200.
The infrastructure for this service is coming from Obopay – the mobile banking company that Nokia sank $70 million into earlier this year
What we think?
Ooh, it’s getting serious now! I honestly believe that with so many huge companies pushing for mobile banking, it’s really only a matter of time before mobile credit card transactions, finances, transfers and other payments become a part of every day life. And it’s interesting to see MasterCard going with Obopay – a company that traditionally puts more effort into SMS banking than other forms.
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