Itaú and MasterCard announced today the signing of a new 20-year agreement that further strengthens the long-term relationship between the two companies.
As part of the agreement, Itaú and MasterCard will establish and operate a new electronic payments network in Brazil. In addition, Itaú will issue payment solutions including credit, debit and prepaid cards as part of the newly created payments network and focus on enhancing the efficiency of their payment value chain. MasterCard will be responsible for managing the operations of the new network and transaction routing.
"This strategic alliance will allow us to focus on growing the issuing and acquiring operations, especially as it relates to the new payments network. This will offer access to new payment technologies, benefit from economies of scale and efficiency, and capitalize on MasterCard's experience in managing leading payment brands," said Milton Maluhy Filho, executive director of Itaú Unibanco. "We will continue working with other networks to offer commercial and co-branded cards for the consumer."
"Itau is not only one of the largest issuers in the market, but also an important strategic partner for MasterCard. For many decades, we have worked together to provide credit and debit cards to consumers and businesses of all sizes," said João Pedro Paro Neto, president of MasterCard Brazil and Geo South. "As one of the leading technology companies in the payments industry, MasterCard is the right company to offer the best solutions to its partners."
The realization of the strategic agreement is subject to approval by regulatory authorities involved.