MasterCard Worldwide has launched MoneySend service for iPhone and iPad users in the US. The service allows users in the US to send or request money via their iPhone through participating banks and credit unions

MasterCard MoneySend will also allow users to send or request money when they create a virtual prepaid account through Bancorp Bank that is linked to an existing MasterCard payment card or checking account. The designated account funds the MoneySend transaction, and users can manage and trigger the exchanges through the application.

According to MasterCard, personal and financial information will never be stored on the iPhone or iPad. MasterCard MoneySend is now available for free download at the iPhone App Store.

Joshua Peirez, chief innovation officer at MasterCard Worldwide, said: “MasterCard MoneySend allows users to send, pay, or request funds for a wide range of reasons including the everyday ‘IOU,’ informal services purchased from friends and family, payments to a personal trainer, roommate, babysitter, gardener, housekeeper or repairman.

“With MoneySend, users avoid the hassle of making payments with cash, check or money orders and collecting funds is as simple as a text message with the ‘Request Funds’ feature of the app.”