Money Transfer Process Guidelines | How Mastercard Send™ Works (2024)
How Mastercard Send works: U.S. transaction flow
Mastercard Send enables Transaction Originators to send funds directly to a consumer's bank account within seconds1using the debit card number associated with that account.
Step 1:Sender initiates P2P transaction to Transaction Originator.
Step 2:Transaction Originator collects debit card information and initiates transaction to Mastercard.
Step 3:The Network (Mastercard) conducts due diligence on Transaction Originator, originates the transaction, routes to PIN Debit networks and provides transaction controls.
Step 4:Sponsor Bank settles with Network and Transaction Originator.
Step 5:Transaction Receiver receives transaction data from Mastercard or the Debit Networks and posts payment transaction to cardholder's account.
Step 6:Receiver (cardholder)receives payment in account.
All PIN Debit Networks provide ubiquitousconnectivity for sending funds to Transaction Receivers across card brands.
Mastercard Send enables Transaction Originators to send funds directly to a consumer's bank account within seconds1 using the debit card number associated with that account. Step 1: Sender initiates P2P transaction to Transaction Originator.
Here's how this actually works: Authorization: When a Mastercard is swiped, dipped, or entered online, the transaction details are sent to the business's bank, then forwarded to the cardholder's issuing bank for approval. Mastercard's network is the conduit for this data exchange.
The Mastercard® Send™ platform and services facilitate funds transfers and are intended for use by specific types of customer, see Participants. Mastercard Send enables payments and funding via a transaction type called 'MoneySend'.
In most cases the remittance process occurs in three phases, the funds capture phase, the funds disbursem*nt phase and the communications and settlement phase. The above diagram provides a schematic illustration of the money transfer process, with the sequencing of transactions and actions indicated.
Generally, within seconds, Mastercard Send facilitates the transfer of cash balances and P2P payments to the consumer's bank account via their debit card, making outdated registration and validation methods obsolete and improving the user experience.
Mastercard Send does not charge a transfer fee for its services as it provides payment management services rather than executing money transfers. The card-issuing banks (also called card issuers or issuers) apply their own proprietary fees for these transactions.
This approach enables rapid and secure transactions, bypassing slower traditional banking methods. Pros and Cons: The advantages of Mastercard Send include its real-time transaction capability, flexibility in payment delivery, and the security and reliability backed by Mastercard.
There are no monthly limits. The minimum transfer amount is $1. The limit per transaction is USD 5,000 and applies to both domestic and international money transfers.
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