The mobile payment sector is faced with a prime opportunity in Latin America, especially in Brazil, where the market is taking off at the speed of lightning.
Regionally, 70% of the Latin American population remains unbanked; however, 90% own cell phones – a growing avenue for banking.
In Brazil, a number of deals have been made to indicate a bright future for mobile payments. Bradesco, one of Brazil’s major private banks, and Claro joined forces to build a business in the sector last year, and Vivo and MasterCard have reached a similar agreement. Cielo, a payment processing company, and Paggo, an m-payment service provider, are working to expand their networks. Moreover, sources have indicated that NFC, near field communication, is on its way to becoming a reality in Brazil this year.