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MasterCard releases mobile payment app

iPhone application allows users to transfer money from person to person in the U.S.

The MasterCard MoneySend app works on the Apple iPad, iPod Touch and the iPhone.
The MasterCard MoneySend app works on the Apple iPad, iPod Touch and the iPhone.

MasterCard Worldwide has launched a new mobile payment service in the United States that is available as an application for Apple iPhone and iPad users.MasterCard MoneySend, which is available for free download at the iPhone App Store, is a person-to-person mobile payment service that works by linking a customer's MasterCard payment card or bank account to their U.S. mobile phone number. Registered MoneySend users can send money to or request funds from people in the country through the app, with MasterCard clarifying that personal and financial information won't be stored on the iPhone or iPad. For added security, a MoneySend PIN is required for every transaction.“MasterCard MoneySend allows users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons including the everyday ‘IOU,’ informal services purchased from friends and family, payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman,” said Joshua Peirez, chief innovation officer at MasterCard Worldwide. “With MoneySend, users avoid the hassle of making payments with cash, check or money orders and collecting funds is as simple as a text message with the ‘Request Funds’ feature of the app,” added Peirez.