Take one hand out of your wallet and keep it on your BlackBerry. MasterCard Worldwide has announced its MoneySend Service is now available for the BlackBerry platform. As a free download from BlackBerry App World, MoneySend provides users with a handy tool to transfer money (in the U.S.) between each other and to pay for items using their BlackBerry devices.
This newest implementation into the mobile banking arena, provides users with the ability to Pay, Request and Send funds via your BlackBerry. MoneySend works just like a prepaid mobile credit card, which you transfer money to and from with an existing credit card or banking account. To start using the app, you first need to set-up your banking information on your home computer and link your BlackBerry to your prepaid credit card.
Just remember, Mastercard wants your money too. There are fees attached to transactions using MoneySend. Following PayPals guide, there is no fee to receive funds but sending funds will run you from $0.29 to $2.95 per transaction, depending on the amount of the funds moved. At the moment the fee to add money from your bank account or credit card is free. BUT, that will change and go up to 1.5% per transaction. There is also an insufficient funds fee of $6.00 if you don't enough moolah in your bank account during a transfer.
Everything I've been reading on the MoneySend site smells of PayPal. I guess MasterCard feels they can pull disgruntled customers away from PayPal or bring in faithful card users to the mobile market.
Does anyone use mobile PayPal, and would they consider using MoneySend?
Let us hear your thoughts on MasterCards MoneySend release, good and bad.