Mastercard and paybox to launch new P2P mobile payment scheme

“With MasterCard MoneySend, cardholders will be able to manage how, when and to whom they send their money – using the internet or their mobile phone to initiate person-to-person funds transfer. The service can be used for both overseas and domestic transfers and leverages the MasterCard network which, together with the Maestro debit brand, offers the most comprehensive network available for card-based P2P services in Europe. MasterCard MoneySend™ is a hosting service, which will be run by MasterCard with programme partners Magex and paybox. The integrated Interactive-Voice-Response-solution (IVR) from paybox allows MasterCard– and Maestro-cardholders worldwide to transfer money from one card to another combined with a secure mobile authentication – anytime, anyplace.”
Wow – I knew the paybox guys were going to come up with something good after closing down their own service. This sounds great – finally a new way to do P2P payments with your mobile. I wonder how this is going to compete with paypal…
Update: a friend with paybox shows me to this and this (german).
From what they say there, it seems that Mastercard will be providing the brand and the infrastructure, while the actual business will be run by the issueing banks (like the card business). The banks kicking it off will be Royal Bank of Scotland in Great Britain, Euro Kartensysteme in Germany and CartaSi in Italy. Paybox and a company called Magex will provide hosting services.
The great thing is that MoneySend can also use Maestro, which means not only credit card owners will be able to use it. Basing it on the cards will get banks into the game, which other mobile payment initiatives have failed to do until now.


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