MasterCard brings MoneySend mobile payment service on the US market

Dubbed MoneySend, the SMS-based service is powered by US-based mobile payments firm Obopay, enabling users to transfer funds via text messages, mobile browsers, or mobile applications, as well as via a desktop PC, by linking their mobile phone number to a MasterCard prepaid card, issued by the Bancorp Bank, the only issuer participating in the program so far.

Upon initiation of the transfer, the sender must enter a MoneySend mobile PIN to approve the request. The recipient will receive a text message confirmation of the transfer and then he can access the funds via a prepaid account with the Bancorp Bank. If the consumer has a MasterCard-branded card associated with the account the funds can also be accessed at ATMs, at a bank branch or at POS.

MoneySend technology has already been introduced in 17 other countries, mainly in the Asia-Pacific region.