MasterCard Launches Its First NFC Payment Project in Latin America
MasterCard has announced the launch of NFC payment services in Brazil at the MWC, using MasterCard’s Mobile PayPass technology. MasterCard will work with Itaú, TIM, Redecard, and Gemalto to launch the project. It will provide consumers with greater convenience and speed when shopping, through a more secure, intelligent and simple payment option.
Using Mobile PayPass, a consumer can simply tap their PayPass-enabled smartphone onto the merchant’s NFC-enabled POS from Redecard, and the payment is made instantaneously. Purchases are charged to a virtual account stored in the account holder’s smartphone and billed via the account holder’s Itaú issued statement, very similar to the way traditional payment card generated payments are billed today.
This solution is ideal for environments where speed is of essence, such as fast food restaurants, public transportation, fuel service stations, drugstores, vending machines and movie theaters, among others.
Additionally, as part of efforts to prepare the environment for the future of electronic payments, MasterCard is building the ability to connect MasterPass, its recently announced digital service, to a Mobile PayPass-enabled handset that has been provisioned for NFC payments at the cash register.
Today, a number of smartphones equipped with the Mobile PayPass technology were made available to Itaú customers, which can be used at select merchant locations in the cities of São Paulo and Rio de Janeiro.