With the rise in mobile payment options, our kids probably won't know how to write a check or whose face appears on a $20 bill. MasterCard recently launched its 'MoneySend' app for BlackBerry devices
. The app, which is also available for iPhone, lets users swap money with others, pay for informal products and services, and receive credit or debit card payments
-- all for free. For example, you could use the app, rather than crumpled bills, to pay the tech-savvy babysitter or accept a credit card payment for the art you made and sold. MasterCard isn't reinventing the wheel; PayPal implemented the same peer-to-peer payment system long ago and with great success. But MasterCard has
taken the system mobile, which means you can text to request a report of money you're owed, or transfer funds between accounts within the app.
The success of this project, and others like it, depends on how secure customers feel using it. Making credit card payments and transferring money via a cell phone is useful, but a security flaw or two could set it back by creating a perception of danger among consumers.