MasterCard launches app for transferring money between individuals

06/4/2010 | Bloomberg Businessweek

MasterCard's newly launched MoneySend application for the iPad and iPhone facilitates money transfers between individuals. Users create a prepaid account through Bancorp Bank, and the bank then charges fees for money transfers and other services. MasterCard said it also is trying to enlist other financial institutions to join the MoneySend program.

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