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MasterCard Launches iPhone App to Compete With PayPal

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Jun 3, 2010, 9:27 AM by Philip Berne

MasterCard today announced the launch of its MoneySend app for iPhone OS devices. MoneySend lets users send money, request money and accept credit or debit payments. Competing with other mobile services like PayPal and Square, it seems that MasterCard is aiming this product at smaller transactions, as the company says the app should be used to pay for "informal goods and services." Users can draw funds from an account with a participating bank or credit union, or create a virtual prepaid account through Bancorp Bank.

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