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Utiba Launches Converging Payments With MasterCard Mobile Money PartnershipMasterCard Mobile Money Partnership to Allow Utiba's Customers to Offer MasterCard Companion Cards (February 22, 2012)
SINGAPORE -- (Marketwire) -- 02/22/12 -- Mobile phone users in emerging markets, many of whom only recently gained access to basic banking services through their cellular phones, now will have access to the global, traditional card payment network thanks to a partnership between MasterCard (NYSE: MA) and Utiba, the pioneer and leading provider of Mobile Financial Services solutions for mobile operators and financial institutions.
"Partnering with MasterCard is a first step in launching Utiba's Converging Payments strategy, which calls for the intersection of mobile wallets with traditional card based payments," elaborated Richard Matotek, Co-Founder and Co-CEO of Utiba. "Converging Payments will allow mobile wallet holders to transact globally and on the Internet, and represents the next milestone in financial inclusion, the process of bringing banking services and economic development to the underbanked segments of the world."
The MasterCard Mobile Money Partnership will allow Utiba's more than 40 mobile network operators and banking customers worldwide to issue MasterCard companion cards to their mobile money consumers, potentially impacting the more than 500 million subscribers that have access to the Utiba platform.
With a MasterCard companion card, subscribers will be able to:
- Make purchases at traditional retail point of sale (POS) terminals where MasterCard cards are accepted
- Access ATMs globally to take cash out of their mobile wallets
- Make online purchases at merchants that accept MasterCard cards where only credit, debit or prepaid cards are accepted
- Initiate credit, debit or prepaid card-based payments from their mobile
"MasterCard and Utiba are together helping mobile network operators and financial institutions accelerate and expand the development of their financial services offerings to their customers," said Mung Ki Woo, Group Executive, Mobile, MasterCard Worldwide. "This partnership provides powerful, smart and convenient new payment options to people through a device that's already in the palm of their hands today."
Utiba has spent more than a decade developing the leading mobile financial services solutions in the market, in pursuit of its vision of enabling everyone to make mobile payments. In use in more than 30 countries, the Utiba Mobility platform supports 500 million subscribers and processes over 12 billion transactions per year, enabling people to send money, pay bills, receive salaries and more, all from their mobile phone. Privately held Utiba is headquartered in Singapore, with seven regional sales, service and development offices worldwide. For more information, visit www.utiba.com.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mobile Payment Solutions (MPS) is a joint venture between MasterCard and Smart Hub Inc. that provides mobile payments processing and gateway services. MPS enables interoperability through the MasterCard Worldwide Network, providing comprehensive solutions that facilitate payments between mobile network operators, financial institutions and third party systems. Follow us on Twitter @mastercardnews, join the conversation on The Heart of Commerce Blog and subscribe for the latest news.
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