MasterCard has launched a free money transfer service app in App World that lets US citizens transfer money from person-to-person from their BlackBerry. The app works by allowing the user to send or request money via their BlackBerry through participating banks and credit unions or when they create a virtual prepaid account through Bancorp Bank. Users can then link their existing debit or credit cards or bank checking account to the new virtual prepaid account and begin sending money via their BlackBerry. The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges through the app.
Overall, the payment system seems a little convoluted but it’s cool to see more mobile payment solutions. It’s just a matter of time until cash no longer exists and pants will only need one pocket.