Payments giant MasterCard is the latest company to get into the person-to-person payments business, joining Facebook, PayPal, and rival Visa. The company launched MasterCard Send, a service that allows people to link their debit card accounts online or on a phone and transfer money to anyone in the U.S. using their MasterCard send account. Electronic peer-to-peer payments aim to replace paying people with cash or check.
The biggest difference with MasterCard Send and other competitors is that it is not a direct-to-consumer service. This isn’t a consumer offering but rather a way for businesses to reimburse their customers, or offer rebates without having to send a check in the mail.
Berkshire Hathaway Travel Protection and FreeShipping.com are among two of the first businesses who have integrated MasterCard Send to transfer money. Shopping site FreeShipping.com, which offers members cash back on purchases they make on the site, is using MasterCard’s technology…
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