Movistar, the Spanish mobile phone operator owned by Telefónica S.A., and MasterCard, the US-based payments and technology company, recently launched “Tu dinero móvil” (Your mobile money), which reportedly is the first electronic money service operating in Peru [1]. The service will allow Movistar’s 16 million mobile users in Peru to perform financial transactions such as depositing and withdrawing money, refilling mobile balances and purchasing goods in the 65,000 establishments in Peru that are affiliated with MasterCard [2].
According to Gustavo Kitazono, Movistar Mass Consumer Segment Director, “High cellular penetration in this country and existing market studies allow us to conclude that cellphones are perceived as an appropriate tool for making financial transactions, as they are considered a convenient, secure and personal tool. We hope that our mobile customers will view this service as an innovative, safe and simple solution to better manage their money and save time, without need to carry cash in their pockets” [1].
Movistar operates in 13 countries in Latin America. As of September 2014, Telefónica S.A. was present in 21 countries and reported 316 million total customers. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
By Julia Marín, Research Associate
About Movistar
Movistar is a Spanish mobile phone operator owned by Telefónica S.A. that operates in Argentina, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama, Peru, Spain, Uruguay and Venezuela. As of September 2014, Telefónica S.A. reports total assets of 153 billion. As of September 2014, Telefónica S.A. was present in 21 countries and reported 316 million total customers.
About MasterCard
MasterCard Incorporated is a payments and technology company that is headquartered in the US state of New York. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products aim to facilitate commercial activities such as shopping, traveling, running a business and managing personal finances. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
Sources and Additional Resources
[1] MasterCard Press Releases, Movistar and MasterCard launch “Tu Dinero Movil”, Peru’s First Electronic Money Service
[2] El Economista, Movistar y MasterCard lanzan el servicio de dinero electrónico “Tu Dinero Móvil”
MicroCapital, The MasterCard Foundation Commits $25m to Expand UN Capital Development Fund’s Mobile Money for the Poor (MM4P) Program
MicroCapital Universe Profile: Movistar
MicroCapital Universe Profile: MasterCard
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