The initiative allows financial institutions and mobile network operators to deliver mobile payment services via the MasterCard Worldwide Network. With the new service, consumers can turn their mobile phones into payment devices and link their existing credit, debit or prepaid MasterCard accounts to the mobile device to fund mobile payments. Consumers will thus be able to make purchases, send and receive money, transfer funds between accounts, pay bills, deposit funds such as payroll or social benefits, get cash from ATMs and monitor their balances and activities with mobile alerts.
Itau Unibanco, Redecard and mobile network operator Vivo, have already announced plans to use the MasterCard Mobile Payments Gateway to offer mobile payment services to the banks customers in Brazil.
MasterCard has partnered with Smart Hub, a division of Philippines-based Smart Communications, to power the infrastructure of the mobile payments platform.
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