Movistar and MasterCard Launched Peru’s First Electronic Money Service

Date: 
19 Jan 2015
Source: 
Mastercard

MasterCard and MoviStar launched 'Your Mobile Money' (Tu Dinero Movil), Peru's first electronic money service with the goal of promoting financial and social inclusion in the country. The service offers users significant savings in their money transfers. Currently, it is available in 20 of the country’s departments to Movistar’s 16 million plus mobile customers, and will soon be available nationwide. Using the service, customers will be able to access an electronic money account that will be created to link their telephone number to their “Your Mobile Money” card. They will also be able to make financial transactions such as sending and receiving money from a cell phone, making card purchases at MasterCard-affiliated establishments, and replenishing the balances of their own or third-party cellphones. A credit check or a bank account are not needed to use the service, and it works with a wide range of cellular telephones, from basic models to a smartphones.

“Movistar is constantly innovating and increasingly seeking to offer its customers value-added services to improve their well-being and make their lives easier. We are certain that this initiative will promote financial inclusion among Peruvians who still have limited access to traditional financial services. Through this service, the ‘unbanked’ segments of the population will be able to benefit from the convenience and security offered by electronic money, which should further our country’s economic development,” said Movistar Mass Consumer Segment Director Gustavo Kitazono. “MasterCard facilitates global operations and payment processes, promoting commerce with safer, more convenient and beneficial payment solutions, transparent processing of billions of payment transactions in Peru and around the world, and the development of economic connections to promote business. With that goal, and with a view to achieving a world beyond cash, MasterCard has paired with Movistar to launch ‘Your Mobile Money,’ from which very positive results are expected for users and for the Peruvian economy and commerce,” said MasterCard Peru General Manager Juan Antonio Cabanas.

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Country: 
Peru