- In three years since its launch, company has expanded its core offerings in response to growing marketplace demand for payment solutions
- B2B payments are recent addition to international money transfers and P2P payments
Launched in 2015, Mastercard Send has continued to focus on agility and expanding its offerings to meet shifting marketplace demands.
The platform that started out as a P2P push payments provider with a focus on consumer money transfers has added different products to better serve consumers.
Person-to-person transfers across Eastern Europe and parts of Asia Pacific were Mastercard Send's initial offering, with a number of traditional banks signing on to offer international money transfers to those regions. The P2P service eventually grew to include faster insurance payouts and card-based payments in real-time all across North America.
The success of the insurance payout model inspired Mastercard to expand Send's capabilities to include push payments from insurers to small businesses to facilitate faster claims processing and settlement payouts. Over time, this aspect also grew to include large-scale and recurring payouts, like those that must be sent after a natural disaster or widespread emergency to aid cleanup and recovery. Emergency insurance and aid payouts have become one of Send's most significant lines of business.
As the gig economy has expanded, Send has continued to grow into the B2B space and offers on-demand payroll solutions to make it easier and faster for freelancers and contract workers, like ride-share drivers or freelance graphic designers, to access their money.
Rapid merchant settlement would allow Mastercard Send users to accept funds in a variety of ways and collect earnings immediately, all at once, thus avoiding the hassle of having to wait for account reconciliation or pay fees on multiple transactions. Small business users could also transfer funds to business debit cards or bank accounts instantly.
According to Shari Krikorian, VP at Mastercard Worldwide, Mastercard will continue to explore Send's reach beyond branded services in order to tap into emerging markets and enable new use cases for the platform around the world.
