MasterCard has announced MoneySend App for RIM’s BlackBerry Smartphones. MasterCard MoneySend is a convenient way to transfer money from person to person in the U.S. using the power of your BlackBerry. MoneySend works with debit, credit, and prepaid MasterCard cards issued by your bank. The MoneySend service has been presently launched in the US. With the Indian government’s recent issues with RIM’s services, it is unlikely that this service will be made available in this country any time soon.

The Paypal-like service is essentially aimed at facilitating convenient ‘person-to-person’ transfer of money between Blackberry users. Explaining how the app works, MasterCard said that the service will allow users in the US to send or request money via their BlackBerry through participating banks and credit unions or when they create a virtual pre-paid account through Bancorp Bank. Users can then link their existing debit or credit cards or bank checking account to the new virtual pre-paid account and begin sending money via their BlackBerry device. The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges through the app. The company has clarified that personal and financial information is never stored on the BlackBerry. For each such transaction, certain Bancorp Bank fees will apply, MasterCard added.

Features of MasterCard MoneySend

• Send money to family members
• Pay for or collect money for goods and services
• Request money from people who owe you
• Accept a credit or debit card payment from anyone for free
• Easier than handling cash or checks
• View your MoneySend transaction history from anywhere using your BlackBerry

The app is available for free download on BlackBerry App World – http://appworld.blackberry.com/webstore/content/11857