• November 16, 2009

MasterCard has created the MasterCard Mobile Payments Gateway, a mobile payments processing platform that enables financial institutions and mobile network operators to deliver end-to-end mobile payments solutions through the MasterCard Worldwide Network.

Itau Unibanco and Redecard, along with mobile network operator Vivo, will be the first to use the MasterCard Mobile Payments Gateway to deliver mobile payment solutions to the banks' customers in Brazil. Following the launch in Brazil, MasterCard will introduce MasterCard Mobile payments solutions through the Mobile Payments Gateway in select markets around the world.

The service will give consumers the ability to use their phone as a mobile wallet and link their existing credit, debit or prepaid MasterCard or Maestro card accounts to their mobile phone to fund mobile-initiated payments. --Tanya Irwin