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Credit card giant MasterCard (NYSE: MA) and Spanish telecommunications company Telefónica (NYSE: TEF) have formed a joint venture to offer mobile financial solutions for TEF's Brazilian mobile operator Vivo (NYSE: VIV).
The initiative will create a mobile wallet for Vivo's 65mn clients, allowing consumers to make payments via their mobile phones as well as transfer funds, pay bills and make online purchases, the partners said in a joint press release.
The service promotes financial inclusion for Brazilian consumers through 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.
Latin America was the fastest growing region for MasterCard in 3Q11, with gross dollar volume rising 24.6% year-on-year on a local currency basis, to US$71bn.