MasterCard has launched MoneySend for iPhone and iPad users in the USA.
Through this free app, people can transfer money to a US account through a bank or a MasterCard account. Bancorp Bank also allows users to create a virtual prepaid account that is linked to a MasterCard credit card or a checking account. This prepaid account can be used to transfer money to another US account.
This cranking up by MasterCard, in speculation for many years now, is another mobile activity in the domain of credit cards. This app is partly powered by Obopay, the mobile money unit of Nokia.
This move by MasterCard could be due to the increased activities at PayPal. PayPal has caused some ripples in the market and this activity by MasterCard will help it to compete with PayPal. This move also comes immediately after MasterCard opened its APIs for developers to integrate credit card functionality into their own websites and applications.
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