Mastercard Launches NFC Payment Project in Brazil

Today at the Mobile World Congress, 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