mobile finance

MasterCard and telco giant Telefónica have conjointly formed a joint venture to provide mobile phone-based financial services to 12 Latin American countries.

The new 50/50 JV will be managed independently, according to the official statement. The company will deploy both MasterCard’s and Telefónica’s existing banking relationships to bring services to customers of Telefónica's Movistar brand.

uMonitor, a known provider of innovative online solutions has released a mobile version of its flagship online account opening and person-to-person (P2P) payment and account-to-account (A2A) money transfer services. Owing to the new service all smart phone users who benefit from uOpen & uFund® and/or uTransfer® services, will be able to open and fund new accounts and perform person-to-person or account-to-account money transfers.