Wanda, the mobile money joint venture between Telefónica and MasterCard, launched in Argentina, eyeing the millions of wireless users who don’t have a bank account. Wanda is expected to reach approximately 10 million transactions by the end of 2012.
Announced earlier this year, the m-payment service is expected to provide mobile payment solutions to more than 87 million Movistar customers in the 12 markets where it will operate. The joint venture was created to develop mobile financial solutions across Latin America.
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The offer targets people outside the banking system and is based on a virtual prepaid debit account linked to a cellphone. With the m-payment service, people can make purchases at participating stores and soon will be able to pay bills through their mobile phones.
Approximately 45% of Argentinian citizens do not have bank accounts, which is below the average of 50% registered in Latin America.
The offering is scheduled to launch in Peru, Mexico and Colombia later this year and in the rest of the twelve countries where Telefonica has mobile operations in 2013.
