The speed at which faster payment solutions are launching is, well, speeding up. NACHA recently announced its next day ACH solution and MasterCard unveiled its MasterCard Send product.
“MasterCard Send is being touted as a first-of-its-kind service to enable businesses, merchants, governments, nonprofits and issuers to transfer funds to consumers’ checking accounts via any U.S. debit card, including non-MasterCard debit cards.
Send is now live in the U.S., but MasterCard plans to expand it overseas to enable the aforementioned entities to transfer funds into mobile money accounts and cash agent outlets in addition to debit cards. “
Not surprisingly, MasterCard is not giving away much detail about how this works behind the scenes, but we can start to follow market uses and begin to get a better understanding. One initial scenario where Send is being used is to provide insurance payments to settle claims or provide an initial payment on the spot for those who just suffered a loss.
Overview by Sarah Gratto, Director, Debit Advisory Service at Mercator Advisory Service
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