MEDIA RELEASE PR37123
MasterCard Worldwide to Strengthen Global Economic Connections with MoneySend Platform
PURCHASE, N.Y., Nov. 17 /PRNewswire-AsiaNet/ --
MasterCard(R) MoneySend(TM) to Make Money Transfers Simpler and
Easier for Banks and Cardholders Worldwide
MasterCard Worldwide today announced that starting in 2010, MasterCard
customer financial institutions will have the capability to offer MasterCard
cardholders money transfers from any MasterCard or Maestro card to any other
MasterCard or Maestro card. The global card-to-card money transfer service
will expand the usability and value of MasterCard products and global
payments network by providing its customers with a convenient and
cost-effective money transfer platform enabling person-to-person payments and
cross-border remittances.
For the over 197 million foreign workers worldwide(1) who are sending
their pay packets home to their families, MasterCard MoneySend will help
banks fulfill the market need for a money transfer platform that gives
cardholders control over their money. The platform will support cardholder
remittance payments enabling cardholders to send money that is quickly
accessible to the recipient.
"We are focused on developing convenient and secure solutions for the
day-to-day financial realities of consumers around the world," said Joshua
Peirez, Group Executive, Innovative Platforms, MasterCard Worldwide. "As the
flow of money between global workers and their families continues to grow,
MasterCard MoneySend provides a valuable, convenient and reliable money
transfer option for consumers."
Peirez added, "That we now offer a better alternative for sending and
receiving person-to-person payments is a significant expansion of the
functionality of our network. It will help our customers capture greater
global remittance processing share."
By offering a money transfer option that addresses concerns about the
cost, quality and reliability of available money transfer platforms,
MasterCard is delivering a viable solution to financial institutions. The
MasterCard Worldwide Network provides the infrastructure enabling all
transactions to be processed through cardholders' issuing banks and the
MasterCard global payment network. This will give banks access to the US$456
billion(2) global remittance opportunity while fostering deeper relationships
with their cardholders. Asia Pacific, the Middle East and Africa comprise
over 46% of the world's remittance volumes(3).
"MasterCard MoneySend removes barriers impeding the transfer of money
around the world and provides the global economy with a robust infrastructure
that supports growth in international transfers as consumers continue to
remit funds globally," said Walt Macnee, President, International Markets,
MasterCard Worldwide. "This platform, built on the strength of the MasterCard
Worldwide Network, is a clear example of MasterCard delivering upon its
mission to advance global commerce by giving banks and cardholders access to
secure and convenient money transfers."
MasterCard MoneySend Enables Functional, Reliable Global Money Transfer
The MasterCard MoneySend platform offers the network infrastructure for
the development of a robust global marketplace enabling value, convenience
and reliability for global money transfer. Currently, MasterCard MoneySend
supports money transfer services in 17 countries. The global availability of
the MoneySend card-to-card money transfer service will build upon these
ongoing initiatives utilizing the key insights, including consumer attitudes
and needs and partner integration and interoperability, learned in these
markets to deliver the best possible solutions to all financial institution
customers globally.
New and existing MasterCard financial institutions can participate and
offer the money transfer platform to their MasterCard cardholders through
their online banking websites. The MoneySend platform offers participating
customer financial institutions real-time authorization resulting in faster
disbursement of funds.
MasterCard MoneySend Momentum
- In 2009, MasterCard goes live with fully-integrated,
on-demand person-to-person mobile payment platform for issuers in the
United States. With the new platform, MasterCard participating bank
customers in the United States are able to offer Mobile MasterCard
MoneySend P2P payments to their customers.
- In 2008, Punjab National Bank in association with MasterCard
introduced MasterCard MoneySend, enabling money transfers from
MasterCard or Maestro accounts held at Punjab National Bank to any
MasterCard or Maestro account at participating banks across India.
- In 2008, DBS Bank Ltd (DBS) and MasterCard launched
MasterCard MoneySend, enabling DBS customers to make remittances to
participating banks in Indonesia, Malaysia, Philippines, Thailand and
India.
- In 2007, MasterCard Worldwide along with State Bank of India
(SBI) announced the launch of MasterCard MoneySend, allowing consumers
to conveniently send intra-country person-to-person money transfers
using the ATM channel.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical
economic link among financial institutions, businesses, cardholders and
merchants worldwide. As a franchisor, processor and advisor, MasterCard
develops and markets payment solutions, processes approximately 21 billion
transactions each year, and provides industry-leading analysis and consulting
services to financial-institution customers and merchants. Powered by the
MasterCard Worldwide Network and through its family of brands, including
MasterCard(R), Maestro(R) and Cirrus(R), MasterCard serves consumers and
businesses in more than 210 countries and territories. For more information
(1) World Bank (2005)
(2) The Aite Group, projected estimate by 2010 in USD (March 2007)
(3) World Bank (2005)
Contacts: Erica Harvill, MasterCard Worldwide
Erica_harvill@mastercard.com, +1-914-249-6848
Kaitlin Jaxheimer, Weber Shandwick Worldwide
kjaxheimer@webershandwick.com, +1-212-445-8261
SOURCE: MasterCard Worldwide
CONTACT:
Erica Harvill,
MasterCard Worldwide,
Erica_harvill@mastercard.com,
+1-914-249-6848, or
Kaitlin Jaxheimer,
Weber Shandwick Worldwide,
kjaxheimer@webershandwick.com,
+1-212-445-8261
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