The new service will allow consumers to purchase goods and services through their mobile phones as well as transfer funds and pay bills, across the globe, claims MasterCard.
MasterCard Worldwide mobile group executive Mung Woo stated that the program provides powerful, smart and convenient new payment options to about five billion mobile phone users worldwide.
The mobile money partnership program offers services such as prepaid companion cards that account holders can use at merchants that accept MasterCard cards and virtual card accounts to be used for eCommerce payments with a user’s mobile money account.
Additional services offered by MasterCard include person-to-person payments between subscribers of two different mobile money services and face-to-face or remote payments using mobile phones for goods and services at merchants that do not have traditional POS acceptance.
The program facilitates mobile network operators and financial institutions to accelerate and expand the development of their financial services offerings to their customers.
According to a study by Juniper Research, the combined market for all types of mobile payments is expected to double by 2013 to reach more than $600bn globally.
