MasterCard Announces New MasterCard MoneySend iPhone App

June 3rd, 2010

Today MasterCard enhanced its offering to banks that want to get into the mobile money market with the announcement of its new MoneySend iPhone app, available at http://itunes.apple.com/us/app/mastercard-moneysend/id372752936?mt=8

The MasterCard MoneySend iPhone app  is another clear illustration of the power smartphones (and iPhone in particular) are proving to be in driving adoption of mobile payments. According to NPD Group, smartphone shipments were up 47% in the first quarter of this year and according to IDC , the iPhone’s share of market grew dramatically in 2009—reaching 14.4% of the 174 million that were shipped during 2009.

All this spells the tipping point in mobile payments.  We have already seen the usage of our own iPhone app drive as much as 3 to 5 more active usage of our service. Smart Phone users adopt things more quickly and are more active.

U.S. banks are beginning to realize that if they don’t move to make bank accounts the anchor of mobile payments, they will lose out to competition both inside and outside the banking industry.  That has been the driving premise behind our announcement last month of Mobile Money for Banks—a low cost, no hassle, and swift product suite for banks to get into this market in as little as 30 days.  Of course, we are pleased to be powering this new app from MasterCard.  We are also pleased with what this means to the development of mobile banking across the country.