The mobile service will allow consumers to make payments with their mobile phones as well as transfer funds, pay bills and make online purchases.
The service will promote financial inclusion in Brazil for banked and unbanked consumers and will support mobile payments in locations that traditionally have only accepted cash transactions.
MasterCard’s Latin America president Richard Hartzell said that the joint venture will offer financial solutions to millions of consumers who have mobile phones but have never had access to the benefits of electronic payments.
The new company will operate independently with each shareholder holding 50% of the equity and the JV is subject to Brazilian authorities approval.
