This launch is the result of MasterCard’s collaboration with TIM, a mobile operator in Brazil and provider in the prepaid market, and Caixa, a government-owned financial institution in Latin America.
The product is dubbed TIM Multibank Caixa, using emerging payments technology to enable Brazilians to access their money on mobile devices. The goal of the product is to enable millions of TIM customers, who may currently have no bank accounts, to make payments, deposits and other transactions using their cell phones, including the capability to make purchases with a MasterCard prepaid card, linked to their telephone number.
TIM Multibank Caixa is a way for users to gain access to the financial world. MasterCard’s role in this partnership is to manage the mobile payment platform, while Caixa will manage the accounts and financial services.
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