Payment News

Today we got news out of Madrid and Miami that MasterCard Worldwide and Telefónica have signed a multi-year agreement targeting Telefónica’s mobile customer-base with MasterCard co-branded credit cards. Movistar (which is a Telefónica brand of credit card) and MasterCard will co-brand new credit card offers in 11 Latin American countries such as Colombia, El Salvador, Argentina, Mexico, Venezuela, Guatemala, and a few other places.

This is the second time that Telefónica and MasterCard are partnering up for co-branded credit cards. Both parties currently have co-branded credit card offers in Brazil and Chile. According to the agreement, MasterCard will also process transactions for the co-branded Movistar-MasterCard credit card. Telefónica’s Movistar cardholders will benefit from the many discounts that will be offered and they will also get to accumulate rewards points from using the card and those rewards points can be used for mobile phone minutes or to upgrade or buy a new phone from Telefónica.

According to Luis Miguel Gilperez who is the Director of Mobile Business at Telefónica Latin America, he believe that doing business with MasterCard (which is a great company to partner with) to offer their customers opportunities to carry their credit cards shows that Telefónica is very serious about their business loyalty and customer development programs .

President of MasterCard Latin America, Richard Hartzell also says that they are happy to be joining forces with one of the best telecommunication companies in the Latin American regions as it show that they are offering great financial services products that are of the highest quality.

Source: MasterCard Worldwide press release