MasterCard Launches P2P Product — as PayPal Preps IPO

  • Philip Ryan
  • May 19, 2015
  • 1

p2p_mcMasterCard is not shy about challenging innovative incumbents — after all, it launched Simplify Commerce in June 2013 to compete with both Stripe and Square.

Today it introduced MasterCard Send, a P2P solution seemingly targeting businesses and governments — “seemingly” because the page for the service, at press time, was down.

[UPDATE: Here is the correct link for the page, sent by MasterCard.]

But enough details can be gleaned from the video below and infographic to make it clear the company has PayPal, and perhaps the wider P2P/remittances/disbursements in its sights. It is explicitly taking on “slow, costly checks and Automated Clearing House transactions” — but not credit card payments, apparently.

That this is being launched just as PayPal preps its initial public offering makes it all the more startling. Granted, MasterCard no doubt had considered a P2P payment platform for, well, as long as PayPal has been around, but still. It joins Visa in offering P2P functionality. Fortune reports Berkshire Hathaway Travel Protection and FreeShipping.com as being among the first customers of Send.

PayPal’s IPO is expected in the third quarter.

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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