A current goal of many financial institutions is to reduce transactional costs due to existing paper-based methods (checks, paper giros, paper money orders, etc.) while also providing target segments of the banking population with electronic alternatives that are low-cost and also deliver improved services to the consumer base.

The ability to transfer funds from one person to another is a fundamental feature of most retail banks' services and one that most retail bank customers have come to expect.

MasterCard International has contracted with Magex to provide a person-to-person funds transfer service to be known as MasterCard MoneySend™.