MasterCard launches (almost) real time payments

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr MasterCard has entered the realm of real-time payments.The payments technology company today launched MasterCard Send, a personal payments service that enables funds to be sent quickly and securely to customers domestically and internationally.As noted in a press release, the service – rolling out first in the U.S. – facilitates disbursements and person-to-person (P2P) payments to and from almost any U.S. debit card account, not just MasterCard-branded ones. Funds transferred via MasterCard Send will be available for use within 30 minutes, rather than taking the days it sometimes takes with the current ACH process.“Through MasterCard Send, we have enabled a breakthrough solution that takes the pain out of the system, provides faster clearing of payments, and delivers a better user experience for senders and receivers alike,” Ed McLaughlin, Chief Emerging Payments Officer at MasterCard, said in the release. “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.”Barb King, a group head in the MasterCard Payment Systems Integrity Group, described the service to PYMNTS as “a breakthrough platform in the industry.”She gave several examples of use cases – including the settling of insurance claims, the sharing economy, and ticket resale – noting that the service is being marketed to companies, rather than directly to consumers. continue reading »last_img