MasterCard® MoneySend TM Aims to Make Money Transfer Simpler and More Efficient for Their Cardholders
MasterCard Worldwide has collaborated with Bank of China to launch MasterCard MoneySend TM in China. MoneySend leverages MasterCards global payment network and card products to provide Chinese consumers with a convenient, fast, safe and reliable way for cross-border person-to-person money transfer.
By using the MasterCard MoneySend solution, receivers in China only need to provide the account number, their BOC Great Wall International Maestro Card and the necessary personal information to senders outside of China. Senders can then transfer money via their MasterCard cards or bank accounts to families and friends in China. The funds will be delivered to receivers Maestro card account on the same day of remittance. Bank of Chinas receivers will not be charged any service fee or currency exchange fees for MoneySend . According to the Bank of China, MoneySend has recently piloted in Shanghai as well as Guangdong and Hunan provinces amongst others, and then gradually expanded nationwide.
As the first member bank of MasterCard International in China and the only member bank in China of MasterCard AP Board, Bank of China and MasterCard have built a long term strategic collaboration. China is one of the 12 1 markets to launch MasterCard MoneySend services in Asia/Pacific, said a senior executive from the Personal Banking Department of Bank of China.
Andrew Ong, group head, Global Person-to-Person (P2P) Payments, MasterCard Worldwide commented, We are pleased to collaborate with Bank of China, the worlds largest international settlement bank, to launch cross-border person-to-person MasterCard MoneySend service. This collaboration has helped us to overcome the barriers impeding cross-border remittances and facilitate the growth of international remittances in China. MasterCard MoneySend not only addresses Chinese consumers demands for quick, convenient and safe cross border remittances, but also provides customer banks with an efficient, cost-effective, multi-currency and multi-channel platform. MoneySend will help customer banks to improve bankcard operation efficiency and customer experience.
In addition, MasterCard MoneySend TM solution will make the money transfer process more convenient for customers. Funds will automatically be delivered into the account of a credit or debit card. Receivers can check whether remittances have been arrived via phone banking or other channels without necessarily having to go to the bank or post office. Settlement of cross-border transactions will be via MasterCards Global Treasury process which enables competitive cross-border card payment settlements in over 160 currencies. No matter where the senders are, receivers are able to receive the funds. In addition, senders will enjoy favorable exchange rates.
According to World Banks estimation, the volume of global money transfer reached USD 433 billion in 2009, whilst China, the second largest money transfer receiving market worldwide, received USD 40.6 billion in global money transfers in 2009. It is predicted that with increasing global economic integration, cross-border person-to-person money transfer services will grow rapidly in China.
MasterCard MoneySend Enables Functional, Reliable Global Money Transfer
MasterCard MoneySend offers network infrastructure for the development of a robust global marketplace enabling value, convenience and reliability for global money transfer. Currently, MasterCard MoneySend supports money transfer services in 17 countries. The global availability of the MoneySend card-to-card money transfer service will build upon these ongoing initiatives utilizing the key insights, including consumer attitudes and needs and partner integration and interoperability, learned in these markets to deliver the best possible solutions to all financial institution customers globally.
New and existing MasterCard financial institutions can participate and offer the money transfer platform to their MasterCard cardholders through their online banking websites. The MoneySend platform offers participating customer financial institutions real-time authorization resulting in faster disbursement of funds.
MasterCard MoneySend Momentum
- MasterCard is continuing to enable customer financial institutions around the world to have the capability to offer MasterCard cardholders money transfers from any MasterCard or Maestro card to any other MasterCard or Maestro card. The global card-to-card money transfer service offers a convenient and cost-effective money transfer platform enabling person-to-person payments and cross-border remittances.
- In 2009, MasterCard goes live with fully-integrated, on-demand person-to-person mobile payment platform for issuers in the United States. With the new platform, MasterCard participating bank customers in the United States are able to offer Mobile MasterCard MoneySend P2P payments to their customers.
- In 2008, DBS Bank Ltd (DBS) and MasterCard launched MasterCard MoneySend in Singapore, enabling DBS customers to make remittances to participating banks in Indonesia, Malaysia, Philippines, Thailand and India.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com. Follow us on Twitter: @mastercardnews.
1 Currently, MoneySend has been approved for operation in 12 markets in Asia/Pacific: Singapore, India, Malaysia, Indonesia, Thailand, Philippines, Australia, China, Hong Kong, Japan, New Zealand and South Korea.
Georgette Tan , 65-6390-5971
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