MasterCard Inc (MA) Launches Immediate Payment Service
MasterCard Inc (NYSE:MA) has unveiled a new service that allows consumers to send and receive funds through its network and debit card networks. Dubbed MasterCard Send, the service is seen as a direct replacement for checks, normally used for transactions. The service is currently available to people in the US as the company finalizes modalities to unveil it in more countries.
Master Send Capabilities
The service provides a platform for businesses as well as merchants and governments to send money across the country both to banked and unbanked individuals. Master Send is the only person to person payment system that covers virtually all debit cards in the US. The new service is the real deal according to MasterCard Inc (NYSE:MA) as it does not limit transfers within certain networks or involve ACH
The service provides faster clearing time of payments complimented with a better user experience for both senders and receivers. MasterCard Inc (NYSE:MA) unveils the services having sealed partnerships with all the banks that use its payment system as it moves to enhance real-time connection.
The idea behind Master Send is to accord users a prime opportunity to send money safely, securely and with speed. Real-time connection allows insurers to send clients’ money whenever they need their cars fixed urgently as travelers enjoy an opportunity to access their money regardless of where they are in the US.
Calls For Regulations of Digital Currencies
The new service should especially be of great benefit to lower value payments as MasterCard Inc (NYSE:MA) affirms it is not a replacement for the wire. However the service cannot be used for high volume merchant payments.
The unveiling came as MasterCard Inc (NYSE:MA) continues to call for increased regulation of digital currencies most of which it believes pose a big threat to its credit card business. The global payment company argues that the risks associated with most of the digital currencies outweigh their benefits thus the call for strict regulations.
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