NEW YORK - MasterCard has entered an agreement with South African mobile payments and financial services provider Oltio to launch a mobile payments service dubbed MasterCard Mobile in South Africa, online media outlet bizcommunity.com reports.
According to the source, the service is set to enable MasterCard and Maestro cardholders to use their PIN-based debit, cheque or credit cards and their mobile phones to pay for online purchases.
To make an online payment using the system, cardholders can select to use the payment option on participating e-commerce sites in the same way they would select to pay by credit card, debit card or EFT. First-time users will be prompted to register their payment cards and enter their PIN-based debit or credit card, the expiry date of the card and CVC number. They will also be required to enter their mobile phone number. Once this is done, the cardholder's mobile phone number is used to initiate subsequent payments. Authorization of payments is done by entering the cardholder's PIN on their mobile phones.