Aiding financial inclusion
Gemalto has announced that it will supply prepaid EMV payment cards to Mobile Financial Services (MFS), the joint venture formed by Telefónica and MasterCard Worldwide. The launch is part of “Zuum”, a new payment service offered by Telefónica’s Vivo brand which aims to provide financial inclusion for the unbanked population of Brazil.
Gemalto will also provide MFS with all the personalisation services associated with EMV prepaid cards as well as tamper evident packaging and fulfilment to point-of-sale. With Vivo’s huge coverage of over 90% of the Brazilian population, the service offers widespread accessibility for the vast majority of consumers.
Nearly 40% of Brazilians currently do not use banking services. With “Zuum”, Telefónica’s Vivo customers will be able to set up a pre-paid account which can be accessed either through their mobile phone or a regular prepaid EMV MasterCard payment card, provided by Gemalto. “Zuum” will allow people to make secure, convenient financial transactions including peer-to-peer money transfers, merchant purchases, ATM cash withdrawal, bill payment, airtime top-ups and more. Cash can be transferred easily at mobile phone refill stations, supermarkets and newspaper stands. The physical card provided by Gemalto can be used to make purchases in Brazil at over 1.8 million EMV-enabled merchants and to withdraw money in ATMs.
“We relied on Gemalto to help us quickly launch the first of several innovative solutions that will allow mobile subscribers with or without bank accounts to make secure payment and money transfers conveniently with pre-paid m-payment services,” said Marcos Etchegoyen, president of MFS. “Our goal is to promote financial inclusion for unbanked Brazilians and to extend secure payments via mobile devices to all consumers who seek alternative payment services with the lowest possible cost.”
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