FRANKFURT, Germany-Under a new service launched in Europe by credit card giant MasterCard, mobile-phone users will be able to transfer money to other users simply by sending a text message.
The service is part of MasterCard’s larger MoneySend effort, which is available to the area’s banks and allows for person-to-person funds transfers. Users can transfer funds to other MasterCard credit card holders through the Internet or using a mobile phone.
“MasterCard is committed to developing payment solutions that will help consumers transfer money to other individuals-whether it’s to a relative who’s on the other side of the world or a neighbor who’s just next door,” said Brian Morris, head of E-Business for MasterCard Europe. “MasterCard has been working with its members to maximize the MasterCard network and processing capability to not only reduce the costs for members of fund transfer services but ultimately increase their profitability in this area.”
Interestingly, MasterCard partnered with European mobile-commerce company Paybox to offer the service. Paybox earlier this year shut down its consumer m-commerce offering, which totaled 750,000 users.
