The South American mobile payment market is gaining some traction. PicPay, which lets users scan QR codes with their smartphones to purchase items online, has launched in Brazil.

According to a report at The Next Web, the small startup has already inked deals with a number of retailers in Brazil and has raised R$2.3 million ($1.2 million).

"With PicPay, the companies do not only improve engagement with their audience, but they let them make purchases at the exact time they are reached by media actions," said company co-founder Anderson Chamon in the story.

Often considered one of the more important emerging markets along with India and China, Brazil has been slow in terms of mobile payment development. But that is beginning to change. Several companies are partnering with carriers in Brazil to bring mobile banking and payment services to market.

MasterCard recently announced it will be working with Grupo Telefonica's Vivo on a prepaid mobile payment product in early 2013. PayPal is also working with Telefonica Vivo on a mobile payment platform.

For more stories on this topic, visit the mobile/virtual wallet research center.