Waiting for that insurance claim payout so you can repair your damaged roof? Forget to put the check in the email for the summer house share? Daughter spending time abroad in Spain need money? Trying to cash out from your driving side gig? Twenty two billion checks are written each year alone, valued at $22 trillion according to a Federal Reserve study. In today’s digital age there has to be a better way, no?
In fact, there is. All of the above scenarios are infinitely simpler and safer with today’s digital commerce advancements. And it’s not just emerging tech companies getting in on this. While you have the on-demand businesses of the world enabling workers to cash out their earnings at any time and social networks enabling P2P payments. You also have banks getting in on the game with Zelle, a P2P payments network that will enable the customers of participating financial institutions to send money to, and receive money from, nearly anyone with a U.S. bank account.
In today’s on-demand economy, people expect to pay AND get paid with immediacy. They also expect speed, simplicity and choice in how they get paid making these scenarios a priority for digitizing the payment process to deliver on this expectation.
Who can SEND money?
To address this on-demand economy, Mastercard introduced Mastercard Send to power a faster, better, smarter way for people to send money both domestically and cross border. And it takes many different forms:
- Disbursements: Insurance claims, rebates, e-Marketplace payouts and nonprofit payments can be sent in real time.
- Domestic P2P Payments: Friends and family can send and receive funds domestically in real time.
- Cross Border Payments: Helps banks modernize their cross border payment services so they can deliver faster, cheaper and more transparent international wire services to both consumers and businesses.
- P2M (Person to Merchant) Payments: Consumers in emerging markets can pay digitally at SME merchants. This P2M service is better known as Masterpass QR.
So the next time you’re looking to SEND money, there may just be an easier and more secure way.