The on-demand service, which is being launched in partnership with Bancorp Bank, allows users to send and receive funds via SMS text message, mobile browser or web-enabled PC.
Initially, customers in the US will be able to use MoneySend with a MasterCard prepaid card issued by Bancorp Bank that is linked to their mobile phone number.
Customers will be able to initiate transfers to any domestic mobile phone number via text, web or downloadable MoneySend application. They will then be asked to confirm the transfer with a MoneySend pin number only they know.
The recipient will then be able to access the funds through a registered account. Initially, the system will use prepaid accounts from Bancrop Bank.
MasterCard said that as more issuers join the platform, their customers will be able to use MoneySend with everyday debit and credit accounts.
It added that service could eventually eliminate "the need to write or cash checks, visit ATMs or wire money domestically".
Founded in 1966 as the Interbank Card Association, MasterCard currently handles around 21 billion transactions a year for customers in 210 countries and territories.