MasterCard Is Pushing Mobile Money

MasterCard (MA) is promoting a tempting new offer: Instead of using checks or wire transfers to send money, U.S. customers can soon text the funds directly to another person through their cell phones. Dubbed MoneySend, the new service promises to "make it faster, simpler, and more convenient for people to send money to each other using the MasterCard network," according to Art Kranzley, chief emerging-technology officer at the Purchase (N.Y.) company. The question is whether it will finally conquer consumer resistance to mobile banking.

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