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Mastercard Send is the global payment network’s entry into real-time personal payments, supporting transactions that hit your wallet almost instantly. It’s partnered with banks, businesses and digital wallets to deliver money to bank accounts, prepaid debit cards, mobile wallets and select cashout locations.
It’s a global platform like Visa Direct that allows banks and businesses to “push” money to a recipient with only their debit card number.
Because it doesn’t rely on a bank’s ACH system, you don’t need to provide your bank’s routing or account number to get your money.
Direct payments mean fast, secure delivery for:
Rather than a P2P platform like Square Cash or Venmo, Mastercard Send supports cross-border payments from people and places. If your payor uses it, you could see near-real-time reimbursements for, say, side-gig invoices, insurance claims or even lottery winnings.
Mastercard Send gets funds into your hands faster in three steps:
Mastercard Send is a payments management service, rather than a provider like Western Union or MoneyGram. Any fees you pay are charged by the organization, business or government you transact with.
Our research shows that Google Pay, for example, doesn’t charge merchants for accepting it as a payment option. Similarly, Allstate doesn’t charge you when it deposits a claim payment to your account or debit card using Mastercard Send.
International companies, however, may charge a fee for the convenience of instant cross-border payments.
Yes. Mastercard Send works with banks, businesses and digital wallets in more than 80 countries, supporting a wide range of currencies.
Mastercard says its exchange rates are competitive. But the rate you get ultimately depends on the service you’re using that relies on Mastercard Send for international payments.
Mastercard Send is surprisingly coy about who uses its services, listing only Google Pay and Allstate Insurance by name on its site.
Internal documents reveal that Uber and Lyft are using Mastercard Send’s API to pay drivers. And Florida Capital Bank has partnered with the service for debit card disbursements.
Your business can use Mastercard Send to pay contractors, reimburse clients and donate to worthwhile causes nearly instantaneously.
To sign up, visit Mastercard Send’s website and complete an information request form.
Mastercard Send is a fast, safe way for businesses and organizations to streamline payments to customers and clients worldwide.
But it’s not yet a solution for P2P payments. If you’re looking to get money to friends, loved ones or businesses, compare money specialists like Wise for ultra-competitive exchange rates or CurrencyTransfer to send funds fee-free.
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
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