Telefónica and MasterCard JV to launch m-payments in Brazil mastercard stock news

Telefónica and MasterCard JV to launch m-payments in Brazil mastercard stock news

Telefónica and mastercard international have unveiled a new joint venture aimed at developing mobile payment solutions in brazil.

Called MFS, its first product will be a pre-paid account for customers of vivo, telefónica’s brazilian mobile brand.

The account, which is due to launch in april next year, will be accessible via mobile phones alongside a mastercard card, allowing subscribers to transfer funds, make in-store purchases and carry out other financial transactions.

It uses unstructured supplementary service data (USSD) technology, and is compatible with all GSM devices. Cash can be transferred onto the accounts at mobile phone refill stations, supermarkets and newspaper stands.

According to telefónica, the new MFS mobile solution targets the payment needs of vivo customers who do not have bank accounts.Mastercard stock news

“the new product will provide ease of use, inclusion, control and security for millions of brazilians,” said marcos etchegoyen, CEO of MFS serviços de meios de pagamento ltda.

“the pre-paid cell phone account opens doors for millions of brazilians who own mobile phones but have never benefitted from electronic payments or current accounts.”

Users who do have current accounts can also sign up for the service.

Through its partnership with mastercard, telefónica offers similar solutions in argentina and peru.

Telefónica’s CEO in brazil, antonio carlos valente, said: “this product fits the company’s commitment to offer solutions that improve people’s lives, reducing distances and making communications faster and more digital.”

Telefónica has announced a number of m-payment partnerships already this year, including ones with visa europe and US firm BOKU.Mastercard stock news

Telefónica and mastercard international have unveiled a new joint venture aimed at developing mobile payment solutions in brazil.

Called MFS, its first product will be a pre-paid account for customers of vivo, telefónica’s brazilian mobile brand.

The account, which is due to launch in april next year, will be accessible via mobile phones alongside a mastercard card, allowing subscribers to transfer funds, make in-store purchases and carry out other financial transactions.

It uses unstructured supplementary service data (USSD) technology, and is compatible with all GSM devices. Cash can be transferred onto the accounts at mobile phone refill stations, supermarkets and newspaper stands.

According to telefónica, the new MFS mobile solution targets the payment needs of vivo customers who do not have bank accounts.Mastercard stock news

“the new product will provide ease of use, inclusion, control and security for millions of brazilians,” said marcos etchegoyen, CEO of MFS serviços de meios de pagamento ltda.

“the pre-paid cell phone account opens doors for millions of brazilians who own mobile phones but have never benefitted from electronic payments or current accounts.”

Users who do have current accounts can also sign up for the service.

Through its partnership with mastercard, telefónica offers similar solutions in argentina and peru.

Telefónica’s CEO in brazil, antonio carlos valente, said: “this product fits the company’s commitment to offer solutions that improve people’s lives, reducing distances and making communications faster and more digital.”

Telefónica has announced a number of m-payment partnerships already this year, including ones with visa europe and US firm BOKU.Mastercard stock news