MasterCard launches MoneySend app for BlackBerry

Posted by on Sep 14, 2010 | Leave a Comment

MasterCard has launched MoneySend application for BlackBerry. MoneySend offers users with a handy tool to transfer money (in the U.S.) between each other and to pay for items using their BlackBerry devices. Just like a prepaid mobile credit card, MoneySend is used to transfer money to and from with an existing credit card or banking account. If you are interested in MoneySend application then you first need to set-up your banking information on your home computer and link your BlackBerry to your prepaid credit card.

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The latest product to come out of MasterCard Labs, the service follows the June launch of MoneySend for the iPhone. To accept credit or debit card payments, send money to family members, pay for informal goods and services, request money from people who owe money, simplify business or non-profit collection effort through the request funds feature, manage MoneySend transaction history from a BlackBerry, and invite other users to use MoneySend through email are the functions which done through MoneySend users.

Andrew Ong, group head, P2P, MasterCard Worldwide said, “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, or payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman.” He also added, “We are excited to extend MasterCard MoneySend to the Blackberry platform so that we can continue to provide consumers with innovative ways to make their lives easier.

MasterCard launches MoneySend app for BlackBerry

In the United States, MasterCard MoneySend permits users to send or request money through their BlackBerry through participating banks and credit unions or when they create a virtual prepaid account via Bancorp Bank. To the new virtual prepaid account and begin sending money through their Blackberry Smartphone, Users can then link their existing debit or credit cards or bank checking account. Users can manage and trigger the exchanges via the applications Personal and financial information is never stored on the Blackberry.

The nominated account funds the MoneySend transaction. Minimum fees are attached to transactions using MoneySend. Following PayPals guide, there is no fee to receive funds but sending funds will run you from $0.29 to $2.95 per transaction, depending on the amount of the funds moved. At the moment the fee to add money from your bank account or credit card is free. BUT, that will change and go up to 1.5% per transaction. There is also an insufficient funds fee of $6.00 if you don’t enough moolah in your bank account during a transfer. Really, it is a newest implementation into the mobile banking arena provides users with the ability to Pay, Request and Send funds via your BlackBerry.

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