MasterCard Inc. on Thursday launched an application for the iPad and iPhone that lets users transfer money from person to person, The Associated Press reports.
The MoneySend service can be downloaded for free at the iPhone App Store.
Users can register for the application by creating a virtual prepaid account through Bancorp Bank. The bank charges fees for certain services. For example, it costs from 29 cents to $2.95 to send money, depending on the amount sent.
MasterCard said it is working to enlist other banks and credit unions to join the program.
