MasterCard Worldwide and Smart Hub, a subsidiary of Philippines-based Smart Communications, have formed a joint venture to mobilize MasterCard payment solutions for consumers around the world.
The partnership is expected to bring together Smart Hub’s mobile payments platform and telecom experience and MasterCard’s brand, network and electronic payments legacy, to establish an optimal mobile payments infrastructure for the world’s developing economies.
The joint venture between MasterCard and Smart Hub will leverage the intersection of mobile telecommunications and electronic payments to meet the needs of the expanding mobile payments marketplace and grow their businesses.
As part of the partnership MasterCard Mobile Payments Gateway, an open mobile payment processing platform designed to facilitate MasterCard mobile payment solutions in developing markets, is scheduled to be launched in Brazil with Itau Unibanco and Redecard, along with mobile network operator Vivo in Brazil.
Joshua Peirez, head of innovative platforms at MasterCard Worldwide, said: “By deepening our relationship, we will empower the one billion mobile phone users without bank accounts around the world1 by providing a link to the MasterCard Worldwide Network, the global electronic infrastructure facilitating global commerce.”
Danilo Mojica, president of Smart Hub, said: “By combining our assets with MasterCard’s powerful network and brand, we will add strategic value to the mobile payments value chain and help catalyze growth around the world.”