MasterCard collaborates with Bank of China for MoneySend

Tie-up brings product to China to make money transfer simpler and more efficient for their cardholders.

MasterCard Worldwide has collaborated with Bank of China to launch MasterCard® MoneySendTM in China. MoneySend leverages MasterCard's global payment network and card products to provide Chinese consumers with a convenient, fast, safe and reliable way for cross-border person-to-person money transfer, according to a Mastercard report.

By using the MasterCard MoneySend solution, receivers in China only need to provide the account number, their BOC Great Wall International Maestro® Card and the necessary personal information to senders outside of China. Senders can then transfer money via their MasterCard cards or bank accounts to families and friends in China.

The funds will be delivered to receivers' Maestro card account on the same day of remittance. Bank of China's receivers will not be charged any service fee or currency exchange fees for MoneySend. According to the Bank of China, MoneySend has recently piloted in Shanghai as well as Guangdong and Hunan provinces amongst others, and then gradually expanded nationwide.

"As the first member bank of MasterCard International in China and the only member bank in China of MasterCard AP Board, Bank of China and MasterCard have built a long term strategic collaboration. China is one of the 121 markets to launch MasterCard MoneySend services in Asia/Pacific," said a senior executive from the Personal Banking Department of Bank of China.

Andrew Ong, group head, Global Person-to-Person (P2P) Payments, MasterCard Worldwide commented, "We are pleased to collaborate with Bank of China, the world's largest international settlement bank, to launch cross-border person-to-person MasterCard MoneySend service. This collaboration has helped us to overcome the barriers impeding cross-border remittances and facilitate the growth of international remittances in China. MasterCard MoneySend not only addresses Chinese consumers' demands for quick, convenient and safe cross border remittances, but also provides customer banks with an efficient, cost-effective, multi-currency and multi-channel platform. MoneySend will help customer banks to improve bankcard operation efficiency and customer experience."

In addition, MasterCard MoneySendTM solution will make the money transfer process more convenient for customers. Funds will automatically be delivered into the account of a credit or debit card. Receivers can check whether remittances have been arrived via phone banking or other channels without necessarily having to go to the bank or post office. Settlement of cross-border transactions will be via MasterCard's Global Treasury process which enables competitive cross-border card payment settlements in over 160 currencies. No matter where the senders are, receivers are able to receive the funds. In addition, senders will enjoy favorable exchange rates.

According to World Bank's estimation, the volume of global money transfer reached US$433 billion in 2009, whilst China, the second largest money transfer receiving market worldwide, received US$40.6 billion in global money transfers in 2009. It is predicted that with increasing global economic integration, cross-border person-to-person money transfer services will grow rapidly in China.