MasterCard has been in payment processing business for decades, but now they’re stepping into the modern era wit their MasterCard Send platform.
Designed to compete with new payment processing platforms like Square Cash and Venmo, MasterCard Send is billed as “the only personal payments service that can reach virtually all US debit card accounts”.
Funds are sent to a users bank account or digital wallet and payments are processed in seconds with the funds being available to be spent in minutes. Here’s the MasterCard official version of the way it works:
The program is being launched in the US only and is in partnership with Berkshire Hathaway and FreeShipping.com.