MasterCard Launches NFC Payment Project in South America
MasterCard announced the launch of NFC (Near Field Communication) payment services in Brazil, using MasterCard’s Mobile PayPass technology. The project, launched in partnership with Itaú, TIM, Redecard, and Gemalto, 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 smart phone 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 smart phone 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.
“With MasterCard’s Mobile PayPass it will be possible to provide even more convenience and practicality to the consumers’ and merchants’ day-to-day experience. In this way, everyone will have more time to focus on what really matters,” said Gilberto Caldart, president of MasterCard Brazil and the Southern Cone.
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 smart phones 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.