If you have ever sent money to someone before using internet banking or PayPal, you know that sometimes the transfer of funds isn’t exactly instant. It can sometimes take a couple of hours to even a few working days before the amount is successfully credited to the other person’s account, but it looks like MasterCard wants to speed things up.The credit card company is looking into a new system called MasterCard Send. According to MasterCard’s description of this new feature, “MasterCard Send enables funds to be sent and received typically within seconds – far superior to existing solutions that either limit transfers within a closed-loop network or that involve ACH which can take several days for funds to be received.”
Unfortunately and unsurprisingly MasterCard remained hush-hush on how the technology works, presumably so that hackers will have a harder time of figuring it out which could help improve its security if it is less prone to hackers. While it does seem that MasterCard Send is being targeted towards enterprise customers, the company also appears to be making it available for regular customers too.
Some of the examples they gave include sending money to your child who might be studying out of state, or where customers can split a bill in real-time, or even using it to pay for someone’s services where they will receive the money almost instantly.
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