Magex wins MasterCard bid to power new cross-border payments SerVice

Magex Ltd., the leading European provider of Person-to-Person (P2P) and Person-to-Merchant (P2M) Internet and mobile payment services today announced that MasterCard International has selected Magex's Managed Payments Platform as its chosen technology for its new European cross-border P2P payments service to be known as MasterCard MoneySend.

The new MasterCard service will be launched throughout Europe over the coming months and a number of MasterCard's member banks have already elected to take part including CartaSi, (Italy), Euro Kartensysteme (Germany) and The Royal Bank of Scotland Group (UK). The MasterCard MoneySend service enables any eligible MasterCard credit card or Maestro debit card cardholder to send funds directly from their card to any other MasterCard or Maestro cardholder.

One of the key features of the service is that cardholders can now use their card to make cross-border payments via both web and mobile channels. "We are delighted to have been chosen as MasterCard's technology provider for MasterCard MoneySend," said Michael Keegan, COO at Magex. "This is a key milestone for Magex and we are looking forward to the opportunity to work with MasterCard and its member banks to deliver a first-class cross-border payments service for the European market".

Commenting on launch of the service, Brian Morris, head of E-Business, Europe, MasterCard International said "We chose Magex because of their experience in the European P2P market and because we believe their technology platform and white label services offer the best functionality for those member banks interested in launching this product.The inclusion of Maestro - MasterCard's global, 100% online POS debit network - is an important element in the MoneySend offering," . "With 226 million Maestro cardholders in Europe alone and a further 240 million across the world, MoneySend could quite literally open the door to the world's most comprehensive and accessible network for money transfers between individuals."

For further information please contact:
Magex on 0207 4196938.

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