Telefónica and MasterCard have partnered in an effort to provide mobile financial services to 87 million customers in 12 Latin American markets.

Vivo, Brazil’s largest mobile phone service provider, recently launched the first joint venture in this initiative offering mobile financial services to its 65 million consumers. Plans are in process for the inclusion of an m-wallet allowing for mobile payments, P2P and bill payments, as well as airtime and online purchases, within the product.

The jointly released service aims to promote financial inclusion by facilitating consumer transactions and allowing for the acceptance of mobile payments in retail locations countrywide.

Brazil is a pioneer in branchless banking; currently there are 150,000 agents operating in the country. 

Vivo’s initiative is expected to further enhance the existing agent network infrastructure. Vivo originated from the merger of several Brazilian mobile phone operations under a joint venture owned equally by Portugal Telecom (PT) and Spain’s Telefónica.