MasterCard on Tuesday launched MasterCard Send, a digital platform that will allow businesses and others to transfer funds quickly.
The digital service will allow users to send and receive funds in real time, including those on MasterCard and non-MasterCard cards, into mobile money and bank accounts. In a news release, Purchase-based MasterCard said the platform is designed to enable disbursements and person-to-person payments to any U.S. debit card account.
Ed McLaughlin, chief emerging payments officer for MasterCard, said the service will provide customers a faster clearing of payments.
“MasterCard Send is addressing a real need that exists in today”™s digital world to enable consumers, businesses, governments and more to have a safe, simple and secure way to transfer and receive funds quickly,” McLaughlin said.
Berkshire Hathaway Travel Protection and FreeShipping.com are two of the first companies to use the platform for their disbursement services. Josh Jandrain, vice president of application development for Berkshire Hathaway Travel Protection, said the company recently completed development of the program with MasterCard and it will go live in the coming months.
“From the very beginning, this has been an easy integration into our claims processing system and we look forward to bringing this capability to our customers,” Jandrain said.
