MasterCard has joined forces with leading mobile companies Comviva, Intel, iZettle, Santander and Turkcell to unveil a vision for the future of mobile payments. Together, the companies are setting the goal of reaching the next billion consumers through the mobile channel fuelled by collaboration and innovation in a collective effort by all the players in the ecosystem including technology providers, mobile network operators and financial institutions.
Speaking at Mobile World Congress in Barcelona at the end of February, MasterCard’s global head of mobile, Mung Ki Woo,, also unveiled Wanda, a joint venture between Telefónica and MasterCard – a new corporate and consumer brand designed to provide mobile payment solutions to over 87 million Movistar customers in its Latin American markets.
These mobile payment services will be linked to a mobile wallet or prepaid account that will allow for money transfers, mobile airtime reload, bill payment and retail purchases, among other services. The mobile wallet and prepaid accounts will be available anytime, anywhere in the world.
Mung Ki also outlined a partnership with BOKU that will enhance the shopping experience for consumers, allowing them to make payments, receive discounts and targeted offers, and monitor spending – all via their mobile phones anywhere MasterCard is accepted. Offered through a mobile subscriber’s mobile network operator (MNO), BOKU Accounts with MasterCard Prepaid gives consumers a convenient way to pay while on the go.
The MasterCard Mobile Money Partnership Program, launched with its initial partners Comviva, Sybase 365 and Utiba, designed to help more than 2.5 billion financially-underserved consumers worldwide gain access to formal financial services through their mobile phones.
Concluding the press gathering, Mung Ki Wu noted: “Mobile World Congress 2012 provided MasterCard with a unique opportunity to stand shoulder to shoulder with some of the leading players in the mobile industry and outline our shared vision for the future. Mobile presents a significant opportunity to bring commerce and banking into the hands of consumers around the world. Through an innovative approach to mobile commerce, MasterCard and its partners are helping unlock the full potential of mobile commerce and bring billions of consumers into a world beyond cash”.