ICON® SEND

Send money quickly, securely and simply

Enable near real-time* transfers of funds to virtually all consumer and small business debit cards in the U.S., regardless of brand, while enabling new revenue streams.

How Mastercard Send makes a difference in insurance

Through Mastercard Send, policyholders and small businesses get their claims payments in near real time via their debit cards, providing a better overall payments experience at a time when claimants need it most.

Pay consumers faster and easier with Mastercard Send

Powered by Mastercard, this full-service disbursements and person-to-person (P2P) platform allows you to create a truly differentiated payment experience.

Speed

Powered by Mastercard, this full-service disbursements and person-to-person (P2P) platform allows you to create a truly differentiated payment experience.

Reach

Single API connection to virtually all U.S. consumer debit cards, and a majority of U.S. small business debit and general purpose reloadable prepaid cards, regardless of brand.

Security

Best-in-class security tools and capabilities for managing regulatory, financial and fraud risk, including account verification.

Control

Multilevel transaction controls, such as transaction limits and velocity controls, plus the ability to set your own margins and the ability to white label to promote your own brand.

Mastercard Send in action

P2P TRANSFERS
GIG ECONOMY
MERCHANT SETTLEMENT
INSURANCE CLAIMS
HUMANITARIAN AID

P2P TRANSFERS

Real-time P2P and account-to-account transfers

Historically, it would take two to three days for a P2P payment or cash balance transfer to be deposited into a bank account – and only after the consumer went through a multistep process of entering account information, providing routing numbers and validating their credentials.

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facilitates the transfer of cash balances and P2P payments to the consumer’s bank account via their debit card, making outdated registration and validation methods obsolete and improving the user experience.

GIG ECONOMY

Payouts to gig economy workers

Drivers for a popular ride-sharing app had to wait several days before payments arrived in their bank account – creating significant cash flow issues. In today’s highly competitve “gig” industries, freelancers and independent contractors will go with operators who can give them near real-time access to payroll.

By leveraging Mastercard Send, the ride-share service implemented instant payouts. Billions of dollars were paid out, in near real-time, to hundreds of thousands of enrolled drivers, with the average driver using the service 7 times per month.

MERCHANT SETTLEMENT

Small businesses are the lifeblood of economies around the world. These businesses depend on quick and easy access to working capital to run and grow.

Leveraging Mastercard Send, acquirers and processors can offer small businesses instant access to their proceeds, which can improve customer satisfaction and retention and provide additional revenue opportunities for acquirers and processors.

Near real-time settlement significantly improves liquidity and cash flow for merchants and small businesses. By making funds instantly available to spend, financial institutions’ core business performance is strengthened.

INSURANCE CLAIMS

Distribution of insurance claims

Traditionally, an insurance provider issued physical checks to policyholders once a claim was approved – a time-consuming and inefficient process. In times of financial emergency, insurance claimants need immediate financial assistance and often can’t wait for – or receive and deposit – paper checks.

Through Mastercard Send, policyholders receive needed payment for approved claims directly into their bank accounts (via their debit cards), in near real-time, no matter where they are.

HUMANITARIAN AID

Distribution of humanitarian aid

For humanitarian agencies, finding suitable partners can delay the organization’s ability to deliver timely, relevant, at-scale humanitarian aid. These agencies don’t have the time or resources to proactively seek appropriate aid providers, which means they often negotiate post-disaster and resort to paper checks.

A simple four-step process

With Mastercard Send, financial institutions, businesses and digital players can send funds on their customers’ behalf to virtually any consumer debit card in the U.S., as well as general purpose reloadable prepaid consumer cards and small business debit cards in the U.S., regardless of brand.

STEP 1
STEP 2
STEP 3
STEP 4

STEP 1

Transaction originator

The transaction originator collects the recipient’s name, the debit card number linked to an account at the recipient’s financial institution, and the expiration date.**

STEP 2

Originating financial institution

The transaction originator holds funds in a settlement account at its financial institution. The financial institution then submits the transaction instructions to Mastercard via the Send API.

STEP 3

Send network

Mastercard routes the payment information to the applicable debit network.

STEP 4

Recipient’s financial institution

Fund arrive directly into the recipients bank account, generally within seconds.* The transaction originator and recipient are notified of the transaction completion.

NEW

Mastercard Send Partner Program

Learn how our global community of Preferred Partners can help you grow your business with real-time digital payments services.

Industry trends, insights and resources

Learn about the latest trends and insights in faster payments.

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