Mastercard have released a new application for iPhone that enables an easy and convient way to transfer money using your iPhone.

The new application, called MasterCard MoneySend, enables you to easily send money from person-to-person using your iPhone or iPad.

It works through creating a virtual pre-paid account with a bank which is linked to an existing Mastercard or current account.

The application is potentially useful because if you owe money to a friend you can pay this way and you can pay small fees such as your gardener with this application.

The MoneySend application gives you the capability to accept payments, send money, pay for goods, request money and view your transaction history.

Currently, MasterCard MoneySend is only available in the United States, but the only thing stopping it coming to Europe is cooperation with a bank for the “virtual account”.