MasterCard said that the joint venture will be managed independently with 50/50 ownership.
The joint venture seeks to provide 87 million current and potential Movistar customers with mobile payment solutions that will be linked to a mobile wallet or prepaid account including money transfers, mobile airtime reload, bill payment and retail purchases, among others.
In addition, the services like receiving remittances are expected to benefit 200 million Movistar and non-Movistar mobile subscribers in the 12 Latin America markets.
According to the MasterCard this initiative is a step toward achieving financial inclusion for the underserved in Latin America.
