More MasterCard news from Mobile World Congress. The payment company announced it will be launching its first NFC payment project in Latin America, teaming with Brazilian bank Itaú, wireless carrier TIM, payment processor Redecard, and digital security company Gemalto.

Through the new service, consumers will be able to pay by tapping their PayPass-enabled smart phone on an NFC-enabled point-of-sale device from Redecard. A virtual account issued by Itaú will fund the payment.

"With MasterCard's Mobile PayPass it will be possible to provide even more convenience and practicality to the consumers' and merchants' day-to-day experience. In this way, everyone will have more time to focus on what really matters," said Gilberto Caldart, president of MasterCard Brazil and the Southern Zone.

Read more about NFC/Contacless.