Using Mobile PayPass, consumers can tap their PayPass-enabled smartphones onto merchants’ NFC enabled POS from Redecard and the payment is made instantly. Purchases are charged to a virtual account stored in the account holder’s smart phone and billed via the account holder’s Itaú issued statement.
Additionally, MasterCard is building the ability to connect MasterPass, its digital wallet service, to a Mobile PayPass-enabled handset that has been provisioned for NFC payments at the cash register.
As part of the project, a number of smartphones equipped with the Mobile PayPass technology have been made available to Itaú customers, which can be used at select merchant locations in the cities of São Paulo and Rio de Janeiro.
In recent news, MasterCard has entered an agreement with Russian mobile operator VimpelCom to provide mobile payment services to the latter’s customers in 18 countries.
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