MasterCard, SBI launch MoneySend in India

MUMBAI: MasterCard Worldwide along with State Bank of India on Tuesday launched MoneySend, a card-to-card money transfer pilot program that will offer instant online authorization and transfer confirmation.

MoneySend will enable MasterCard or Maestro cardholders to transfer money quickly, easily and securely to family members or friends.

The recipient can access the transferred funds by making a purchase anywhere MasterCard and Maestro cards are accepted, or by withdrawing cash in local currency at ATMs.

State Bank of India is the first bank in the Asia/Pacific, Middle East and Africa region to launch MoneySend.