Itaú Unibanco, Redecard are first to adopt new payment platform
PURCHASE, N.Y. — MasterCard has announced its release of the MasterCard Mobile Payments Gateway, a processing platform designed to enable financial institutions and mobile network operators to deliver end-to-end mobile payments solutions.
MasterCard says that the Mobile Payments Gateway is a turnkey platform that allows issuers, acquirers, merchants and mobile network operators to provide customized mobile solutions in developing payments markets, allowing banked and unbanked mobile consumers to gain access to a wide range of payment solutions that provide greater convenience and security over cash.
“The service will give consumers the ability to use their phone as a mobile wallet and link their existing credit, debit or prepaid MasterCard or Maestro card accounts to their mobile phone to fund mobile-initiated payments,” stated a company spokesperson.
The new system, according to MasterCard, enables consumers to use their mobile phone to make purchases, send and receive money, transfer funds between accounts, pay bills, deposit funds, top up mobile airtime, load value to prepaid accounts, get cash from ATMs, and keep track of their balances and activities with mobile alerts.
“The Mobile Payments Gateway will help to make mobile payments a way of life for mobile phone users around the world,” Joshua Peirez, group executive of Innovative Platforms for MasterCard Worldwide, said. “Through our global, integrated payment network we are efficiently connecting financial institutions, merchants and consumers together to mobilize MasterCard payment solutions in a way that truly reflects today’s on-the-go lifestyles.”
According to the company, Itaú Unibanco and Redecard, along with mobile network operator Vivo, will be the first to use the MasterCard Mobile Payments Gateway to deliver payment solutions in Brazil.
“While in the region there are some mobile payments solutions in the market that help unbanked mobile users transfer money or top-up prepaid accounts, these solutions have been limited in providing the breadth of payment transaction services for the underserved consumer to completely manage their finances,” Richard Hartzell, president, Latin America and the Caribbean region, MasterCard Worldwide, offered. “I am pleased that the Latin America and Caribbean region will be the first to offer the MasterCard Mobile Payments Gateway, which will benefit every constituent in the payments ecosystem — helping financial institutions and mobile network operators reduce their mobile operating expenses and costs to serve consumers while enabling merchants to cost-effectively expand payment acceptance using their mobile phone. This will allow consumers to enjoy a more robust suite of mobile payment services that makes their lives easier.”
MasterCard is working with Smart Hub, Inc. to develop its Mobile Payments Gateway. Following its launch in Brazil, MasterCard will introduce its mobile payments solutions to select markets around the world.
“Successful growth of mobile payments around the world requires participation, communication and collaboration among all members of the mobile payments value chain,” Napoleon L. Nazareno, President and CEO of Phillipines Long Distance Telephone Company and Smart Communications, said. “We are excited to build upon a successful history with MasterCard to advance mobile payments innovation in the industry by delivering compelling solutions that combine the global MasterCard brand and world-class payment network with our extensive digital telecommunications capabilities and world-first wireless data services.”