MasterCard introduces new personal payments service
MasterCard has launched a new personal payments service that allows users to send and receive funds instantly.
Dubbed as MasterCard Send, the digital payment service will allow businesses, merchants, governments, non-profits, issuers and others to send money quickly and securely to consumers domestically and internationally.
The platform has been designed to allow disbursements and person-to-person payments to and from any US debit card account, including non-MasterCard debit cards.
The service serves as a powerful alternative to cash and checks by avoiding lengthy ACH clearing protocols that take several days for funds to be received.
MasterCard Send enables businesses to streamline disbursement processes such as insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds.
The company said that Berkshire Hathaway Travel Protection and FreeShipping.com are the first two businesses to adopt the new payments service.
FreeShipping.com CEO Tom Caporaso said: “This new payment platform will allow us to deliver rebates and cash-back payouts quickly and seamlessly to subscribers who register any debit card account, including non-MasterCard cards, with FreeShipping.com.”
Berkshire Hathaway Travel Protection vice president of application development Josh Jandrain said: “We take pride in providing our travellers with the latest innovations and technologies, and paying claims instantly to their personal accounts is another example of what makes us unique.”