Telefonica SA and MasterCard Inc Launches Mobile Money Service in Argentina-DJ

Dow Jones reported that Telefonica SA and MasterCard Inc launched a mobile money service in Argentina focus on millions of wireless users who don't have a bank account. Telefonica and MasterCard plan to offer the service, dubbed Wanda, in a dozen Latin American countries through a 50-50 joint venture. Wanda is based on a virtual prepaid debit account linked to a cell phone. The service is limited to cell phone customers of Telefonica's Movistar in Argentina. Basic accounts will be limited to holding USD 1,461 (ARS 6,500). Telefonica and MasterCard also hope to match the success of mobile money services in African countries such as Sudan, Algeria, Kenya and Gabon.