When we launched Mastercard Send in May 2015 as the first-of-its-kind brand agnostic card based push payments platform, we knew we were on to something big – changing the direction of our card network to push funds to accounts using Debit PANs to unlock new transaction pools in P2P and B2C payments.
Fueled by the worldwide momentum on faster payments, it was soon apparent to us that this demand for real time push payments was as big as we had imagined. With Mastercard Send, our vision is to be a global push payments platform that will deliver funds quickly and securely, domestic and cross border, from any funding source (be it cash, card or account) to any card or account destination enabling our customers to deliver superior value propositions in a variety of use cases.
Over the last 12 months, we have made significant progress in advancing this vision with a series of initiatives and customer engagements.
We now have PayPal using Mastercard push payments for wallet cash out and we have just announced Western Union as the first money transfer service to leverage Mastercard Send for P2P transfers in the U.S. The solution is also integral in delivering ubiquity for Zelle – a P2P program launched by many banks in the U.S.
In the cross border space we continue to leverage our JV with HomeSend to help our leading global banks deliver faster and more transparent international payment services to both businesses and consumers. Standard Chartered is the latest global bank to integrate to Mastercard Send to broaden their cross border services.
And finally, by leveraging our Vocalink assets and partners, Mastercard Send will enable real time payments to any bank account in the UK by Q2, 2018 – taking a bold, new step in fulfilling our vision to become a single platform for our customers to reach card and non-card end points.
The next 12 months look even more exhilarating as we expand our global footprint and look to unlocking more opportunities – we have our seatbelts fastened for this ride!