MasterCard Inc. is looking to take a page out of Western Unionâ€™s play book in developing a system using mobile phones that will allow U.S. consumers to transfer funds to friends and family nationwide.
The mobile-payment system, made possible through an agreement with Obopay Inc., a California-based mobile payment service, will give customers of banks that issue MasterCard debit or credit cards the ability to make money transfers via their cell phones using mobile numbers to send and receive funds.
Purchase-based MasterCard expects to test the system later this year and introduce the service in early 2009.
Shares of MasterCard fell in trading today, losing $8.59, or 2.9 percent, to $284.01.
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