MasterCard and Telefónica have formed a joint venture to deliver mobile financial services to customers of Vivo, the largest mobile operator in Brazil.
The partners say the initiative will yield a mobile wallet service that will allow Vivo’s 65 million subscribers to make payments via their mobile phones as well as transfer funds, pay bills and make online purchases.
Available to both banked and unbanked customers, the service will bring a new payment option to traditionally cash-only retailers, such as taxis, delivery services and door-to-door direct sales, according to MasterCard.
The new company, which is pending approval from authorities, will operate independently with each shareholder holding 50% of the equity. ![[end]](/resources/bullet/nfcnews-4.gif)
