MasterCard has launched an application called MoneySend that lets iPhone and iPad users send and receive money on their iDevice. This service, which works in the United States right now, can be used to send payment to MasterCard. This free application can be downloaded from the App Store.

In order to start sending or receiving money you have to link MoneySend to your MasterCard debit, credit or prepaid account from a bank that offers the service. If your bank doesn’t support compatible cards, there is another option for you to enjoy the benefits of MoneySend. You can sign up for a prepaid card at Bancorp Bank and you will have an account there. For you to open an account at Bancorp you need a U.S. mobile phone number.

The MoneySend application has several fees according to MasterCard FAQ. These fees include 29 cents to send money transfers up to $50. This fee increases to 99 cents for transfers up to $200, and if you have transfers over this amount, you will pay a transfer fee of $2.99. You can send a maximum of $2,500 per month, and there are not limitations for receiving money.

Your account will be identified by the mobile phone number and it will be protected by a pass code. To protect your accounts and identify, your iPhone or iPad won’t store any account information.

MoneySend is MasterCard’s endeavor to keep up with the mobile world. There is another useful app, called ATM Hunter that will help you find the nearest ATM using GPS.