MasterCard and Telefonica have created a joint venture to offer mobile financial services for the 65 million Vivo customers in Brazil.

The partners will develop a mobile wallet service, enabling consumers to make payments via their mobile phones as well as transfer funds, pay bills and make online purchases. The service allows operations between banked and unbanked consumers and fosters the acceptance of mobile payments at 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.

The new company will operate independently with each shareholder holding 50 percent of the equity. The joint venture will be presented to competent authorities for approval.

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