MasterCard, SBI jointly launch MoneySend

cific, Middle East & Africa Region to launch MasterCard MoneySend that will allow its consumers to conveniently send intra-country, person-to-person money transfers using the ATM channel. 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.

Speaking at the launch, Nitin Gupta, GM (South Asia), MasterCard Worldwide said: "Given the powerful urbanisation and mobility trends in our country, demand for a convenient, efficient and reliable domestic, person-to-person money solution will only continue to grow. The launch of MasterCard MoneySend represents a significant opportunity to improve the remittance process and deliver a positive economic and social impact to families and communities."

All senders must have a relationship with a participating bank and recipients must have a MasterCard or Maestro card to receive money transfer transactions.