Mastercard alongwith SBI launches Moneysend in India

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Mmbai, Dec 11 (UNI) In order to address the immediate need of a money transfer, Mastercard in association with State Bank of India today launched the world's first instant money transfer 'Moneysend' facility in the country.

Mastercard Moneysend will allow its consumers with person to person money transfer facility using their recognised debit or credit card.

The instant money transfer facility will be available to the existing network of 8,000 ATM channels of the State Bank of India.

A maximum amount of Rs 50,000 can be transferred in one day, where Rs 20 to 30 will be charged per transaction depending on the amount.

Mastercard will gradually increase the money transfer service to other banks.

Speaking at the launch of Mastercard Moneysend here today, Mastercard Worldwide South Asia General Manager Nitin Gupta said, ''Given the urbanisation and migration trend, demand for convenient and person to person money solution will continue to grow, and the launch of this service will address the needs of the mobile population in the country.'' State Bank of India Deputy Managing Director Deepak Chawla, who was also present on the occasion, said, ''The launch of this service will further enable us to add significant value to our bouquet of products and services. This will prove advantageous to our customers.'' UNI

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