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MasterCard envisions mobile payments in emerging markets

March 2, 2012

Mobile payment technology, which has been promoted as a way to improve the convenience and efficiency of payments, may have a more altruistic purpose.

Mobile payment technology, which has been promoted as a way to improve the convenience and efficiency of payments, may have a more altruistic purpose. Consumers in rural and developing markets can benefit from access to the flexible service, which enables them to pay anytime, anywhere.

In an effort to promote the developing payment method and establish the company as a leader in mobile services, MasterCard has partnered up with a mobile solutions provider to develop the Mobile Money Partnership Program. The collaboration will help more than 2.5 billion consumers in financially underserved communities to get access to mainstream financial services via mobile phones.

The service can help meet the financial needs of consumers in developing markets that may not have ready access to banks, but do have mobile phones. Worldwide, consumers can use their mobile phones to purchase products and services from web-based stores via a virtual credit card terminal as well as a mobile credit card terminal at brick-and-mortar locations. Additionally, they can use the service to transfer money and pay bills.

Businesses can support these efforts by providing remote consumers with a secure payment system that can accept credit and debit cards wirelessly. 

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