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MasterCard and Telefónica Create Joint Venture to Offer Mobile Wallet in Brazil
MasterCard and Telefónica today announced the creation of a joint venture to offer mobile financial solutions for 65 million Vivo consumers in Brazil. The initiative will create a mobile wallet allowing consumers to make payments via their mobile phones as well as transfer funds, pay bills and make online purchases.
The service promotes financial inclusion for Brazilian consumers allowing operations between banked and unbanked consumers and fostering the acceptance of mobile payments in locations that traditionally have only accepted cash transactions, such as taxis and delivery services as well as direct sales such as door-to-door transactions.
“Underscoring MasterCard’s commitment to financial inclusion, 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,” said Richard Hartzell, President of MasterCard for Latin America and the Caribbean. “The move puts the company at the forefront of mobile payments in the region.”
“This partnership positions Telefónica as a leading developer of mobile financial solutions in Brazil,” said Joaquin Mata, Global Head of Financial Services at Telefónica Digital.
The new company will operate independently with each shareholder holding 50 percent of the equity. The joint venture will be presented to competent authorities for approval.