Historically, the products servicing this market have been provided by non-bank entities from Western Union to local hawallas. However, new payment technologies featuring account control and notifications enable financial institutions to provide these services at significantly lower costs than the retail storefront model commonly in place today.

The MasterCard MoneySend™ service, powered by Magex's Managed Payments Platform, is an innovative new approach to meeting the needs of this market. MoneySend™ lets consumers send funds instantly from one country to another using either a PC or mobile phone.


Users simply need a MasterCard branded debit or credit card, meaning that no visit to a bank branch or retail outlet is required. The recipient receives an email or SMS message providing notification that the funds are available for immediate use. The transfer takes place in seconds, unlike wire transfers, which can take 24 hours even with express service surcharges.