Payment brand MasterCard and global telecom giant Telefónica announced a new joint venture aimed at offering mobile financial solutions to 65 million Vivo customers in Brazil. Vivo is Brazil's largest wireless operator and is owned by Telefónica.

According to the announcement, the new JV will offer a mobile wallet to consumers allowing them to make payments, transfer funds, pay bills and buy online using their mobile devices. It's aimed at promoting financial inclusion for Brazil's many unbanked consumers.

"Underscoring MasterCard’s commitment to financial inclusion, the joint venture represents an excellent opportunity to offer affordable and efficient financial solutions to millions of consumers who have mobile phones but have never had access to the benefits of electronic payments,” said Richard Hartzell, president of MasterCard for Latin America and the Caribbean, in the announcement.

"The move puts the company at the forefront of mobile payments in the region," Hartzell said.

"This partnership positions Telefónica as a leading developer of mobile financial solutions in Brazil,” said Telefónica Digital's Global Head of Financial Services, Joaquin Mata.

The JV will be owned equally by each partner company and must still be approved by Brazilian authorities, the announcement said.

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