In the person-to-person transfer business, text messaging is so 2008.

MasterCard Inc. said last week that it will use specialized applications for smart phones as the critical component in the Mobile MasterCard MoneySend service it expects to formally unveil this month. Most mobile transfer services use text messaging, which is widely available but can be cumbersome to use. MasterCard is touting specialized applications that make the multifunction handsets as easy to use as a computer; it says that these tools will prompt consumers to think of their phones as payment devices. MasterCard has released a downloadable MoneySend application for Research In Motion Ltd.'s BlackBerry phones, though it cannot be used for transfers yet.
 
Art Kranzley, chief emerging technology officer for MasterCard, said his company is developing versions for Apple Inc.'s iPhone and other popular models.  MoneySend will also work on any phone that supports text messaging, but that interface will not be as easy to use as the applications designed for smart phones, he said.

 
The MasterCard service is built on one that Obopay has been promoting since 2006.