Under the terms of the deal, MasterCard and Movistar, a subsidiary of Telefonica will collaborate to issue co-branded credit cards in 11 countries across Latin America including Argentina, Colombia, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama, Peru, Uruguay and Venezuela.
Moreover, the processing of Movistar-MasterCard card transactions will be carried out by MasterCard in most of the 11 Latin American countries. In addition, the agreement established between the two sides is set to provide Movistar-MasterCard cardholders with discounts at Movistar retailers and the ability to accumulate points that can be exchanged for phone equipment or additional airtime.
MasterCard and Telefonica have previously joined forces to launch similar co-branded programs in Chile and Brazil.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now