MasterCard (NYSE: MA) announced on Thursday that it has launched a new iPad and iPhone application called “MoneySend” which is designed to allow individuals transfer money to others and accept credit cards, however the app isn’t all that it’s cracked up to be.
MasterCard Chief Innovation Officer Joshua Peirez wrote in the company’s press release that “MasterCard MoneySend allows users to ‘Send,’ ‘Pay’ or ‘Request Funds’ for a wide range of reasons including the everyday ‘IOU,’ informal services purchased from friends and family, payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman,” He added, “With MoneySend, users avoid the hassle of making payments with cash, check or money orders and collecting funds is as simple as a text message with the ‘Request Funds’ feature of the app.”
