mobile financial services, a telefonica and mastercard joint venture for mobile payments

Mobile Financial Services was a joint venture established in 2011 by Telefónica and MasterCard to create a new mobile-based financial services platform. Operating under the brand name "Wanda," the service aimed to provide mobile money solutions like money transfers, bill payments, and retail purchases to Telefónica's Movistar mobile subscribers, with a focus on the 87 million unbanked and underbanked individuals in Latin America. The platform was launched in select markets, including Peru and Argentina, but failed to gain significant traction and was eventually discontinued. The UK-based holding company was formally dissolved.