PURCHASE. N.Y. (5/21/15)--MasterCard has joined Facebook, Visa and PayPal in the competitive person-to-person payments space.
The credit card giant launched MasterCard Send, a service that allows people to link their debit card accounts online or on a phone and transfer money to anyone in the United States using their MasterCard send account. Electronic peer-to-peer payments aim to replace paying people with cash or check.
MasterCard Send is not a direct-to-consumer service, but a way for businesses to reimburse their customers, or offer rebates without having to send a check in the mail.
Rather than market Send as a way to send money between friends, MasterCard is pitching the service to businesses as a way to reimburse customers or disburse funds from insurance claims, rebates, e-marketplace payouts, social benefits and tax refunds, USA Today reported (May 19).
Berkshire Hathaway Travel Protection and FreeShipping.com are among two of the first businesses to sign up for the service.
In other payments news, several new merchants have signed up for Visa Checkout, an online checkout service that Visa introduced last year. Those merchants include Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma in the United States, among others (PYMNTS.com May 20).
Visa Checkout provides consumers with a secure tool to store their shipping and payment information, meaning they do not need to re-enter information with each e-commerce transaction.