MasterCard and telecoms operator Telefónica
have joined forces to offer mobile financial solutions to Vivo
customers in Brazil.
Vivo is one of the largest wireless operators
in Brazil and was acquired by the Spanish-headquartered operator
last year.
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The scheme will create a mobile wallet,
enabling consumers to make payments, transfer funds, pay bill and
purchase items online via their smartphones.
The service will create opportunities for
unbanked consumers enabling the acceptance of mobile payments in
locations that have traditionally only accepted cash transactions
such as taxis and delivery services, they said.
Richard Hartzell, president of MasterCard for
Latin America and the Caribbean, said:
“The joint venture represents an excellent
opportunity to offer affordable and efficient financial solutions
to millions of consumers who have mobile phones but have never had
access to the benefits of electronic payments. The move puts the
company at the forefront of mobile payments in the region.”
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By GlobalDataThe joint venture agreement is subject to
regulatory agreement.
