TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1

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1 TABLE OF CONTENTS 0.0 EXECUTIVE SUMMARY... 1 Finaccord's research covers 60 major mobile telecoms groups and 286 country-specific operator brands... 2 At a strategic level, leading telecoms groups are most active in the field of mobile payments with many also having made mobile banking an important focus for development... 2 North America hosts the highest proportion of mobile payment schemes with contactless functionality and Africa and the Middle East the lowest... 4 Mobile wallets (such as the M-PESA platform) are typically run by the mobile operators themselves... 4 Co-branded credit card programs remain more widespread than their prepaid equivalents... 4 Mobile telecoms groups and brands are likely to up their game in financial services for several reasons... 4 The current worldwide structure of mobile financial services is both complex and fragmented... 4 with OTT services liable to cause a significant change in the mobile payment landscape in particular... 5 In future, leading mobile telecoms groups are likely to work with a smaller number of large providers INTRODUCTION... 6 What is this report about?... 6 This study analyses the involvement of mobile operators in payments and banking covering over 800 distinct product initiatives and deals... 6 Rationale... 6 Mobile operators can be key affinity distribution partners in payments and banking... 6 Methodology... 7 Primary research... 7 The research covers 60 mobile operator groups and 286 brands across 92 countries... 7 External sources... 7 Definitions... 7 Payment and banking products and services... 7 Other terms... 8 Operating models Unweighted and weighted share of partnerships Interactive PartnerBASE Finaccord GROUP STRATEGY ANALYSIS Introduction Summary of groups researched By total number of subscribers, China Mobile is by far the largest of the 60 groups investigated The global market for mobile payments The worldwide market for mobile payments has increased exponentially in recent years Group strategic approaches to mobile payments and banking Most leading telecoms groups are pursuing mobile payments as a strategic opportunity although some have devolved strategy formulation to national mobile operator brands In the developing world, mobile payments have become a feature of daily life for many consumers The 'low-tech' model will continue to be relevant while 'high-tech' options have yet to live up to perennial expectations The rise of biometric security features provides a possible solution to mobile payment security issues Apple's ipay and Google Wallet are competing head to head Direct carrier billing has become an important worldwide payment method for digital goods benefitting competitors such as Bango, Boku and Fortumo Talktime and call credit transfer remain the simplest means of transferring funds worldwide Telecoms groups are less likely to enter into tied agreements for mobile banking than for mobile payments User authentication may prove a valuable service for mobile operators to provide for banks FINACCORD 03/2015 I

2 ... as developed by Avea and Turkcell in Turkey and the BankID initiative in Norway Banking product initiatives are usually arranged by mobile operators at a country-specific level Group ownership and partnership strategies in mobile payments and banking The creation of captive and joint venture companies is an option for mobile telecoms groups with outright or partial ownership almost inevitably the outcome of centralised decisions Captives in payments and banking captives owned by the telecoms groups themselves are involved in payments and / or banking PayBox Bank is primarily a mobile payment provider although also holds a banking license Telenor operates a fully licensed captive bank in Serbia following its acquisition of KBC Bank Swisscom allows customers of rival customers to utilise its Tapit mobile payment product SK Group's Syrup aims to integrate loyalty and discount functions with a mobile payment scheme Joint ventures in payments and banking Almost 30 formal joint ventures are active, with most focusing on mobile payments and some have been configured among two or more mobile telecoms groups with banks and / or technology companies also participating Taiwan Mobile Payment involves over 30 banks, other agencies, payment networks and mobile operators Japan's KDDI is co-owner of a joint venture retail bank in the shape of Jibun Bank Some established and proposed joint ventures (such as Wanda) have failed to work out In the UK, Apple's ipay and the planned launch of Zapp have affected the market Softcard's app is being withdrawn by major mobile operators in the US Strategic partnerships with banks Wirecard works as a strategic partner with both SFR and Vodafone Prepaid mobile operator cards are often linked to bank-driven payment schemes Strategic partnerships with payment and payment-related technology companies Gemalto is used as a strategic partner by several groups and at a local level by numerous operators Several other technology companies provide support for mobile payments, especially via NFC Monitise and Wirecard are significant competitors in the mobile operator payments sector MasterCard and Visa have become two of the most important payment partners for mobile payments with American Express, PayPal and Western Union also competing in this space BRAND ANALYSIS Introduction Summary of brands researched Over 50% of mobile phone subscribers are concentrated in one geographical region Vodafone is the owner (or co-owner) of 23 of the mobile operator brands researched Provision of payment and banking products Overall provision rates Globally, the most common type of mobile payment product is direct carrier billing while co-branded credit cards are more widespread than co-branded prepaid cards Linked bank cards or bank accounts Several large European and North American brands offer payments via linked bank card / account In Latin America, the payment type is restricted to leading brands in a smaller number of countries China's UnionPay holds the highest weighted share of issuer partnerships in this field and also claims the highest share of payment network partnerships Direct carrier billing Almost all mobile subscribers have access to direct carrier billing in four out of seven regions Fortumo takes the highest share of direct carrier billing partnerships by a substantial margin An expansion of Zong s services to other areas would make it a major competitor in this sphere Network accounts Payments via network accounts are most prominent in Africa and the Middle East partly because mobile phones are seen as a key method of promoting financial inclusion Network account providers from China, India and Indonesia lead the weighted rankings although Vodafone's M-PESA product is potentially the most popular worldwide A majority of network accounts run on private networks FINACCORD 03/2015 II

3 Contactless payment is more common for linked bank cards and accounts than for network accounts Smartphone apps are most commonly a feature of payments in North America and parts of Europe Talktime / call credit transfer Talktime / call credit transfer is an important peer-to-peer payment method in several regions Mobile banking (bank current accounts) Qualifying mobile banking schemes are especially visible in India albeit China Merchants Bank is the mobile banking partner with the largest potential audience Credit cards (non-virtual) Co-branded (non-virtual) credit cards developed with mobile operators are most visible in Latin America Citibank works with a number of substantial mobile operators for co-branded credit cards as does Itáu MasterCard s share of network partnerships is somewhat higher than that of Visa in this arena Prepaid cards (non-virtual) Co-branded non-virtual prepaid cards developed by mobile operators are in evidence in all seven regions most notably in North America Partnerships with mobile operators for prepaid cards are spread across a wide range of providers albeit MasterCard and Visa again dominate as payment networks International payments / remittances A minority of mobile operators promote international payment or remittance services Unistream is the most prominent provider thanks to partnerships with three Russian mobile operators Consumer finance and micro-credits Consumer finance or micro-credit options are available in six of the seven regions surveyed Japan s DCMX and Nigeria s Diamond Bank have major mobile operator partnerships in this sphere Miscellaneous payment and banking products A handful of mobile operators offer other types of payment or banking product These include an investment account offered through China Telecom by Bestpay and a local bank Operating models for payment and banking products The split of operating models varies greatly by type of payment or banking service Profiles in the interactive PartnerBASE file degrees (New Zealand) (Austria) (Hong Kong) (Indonesia) (Ireland) (Italy) (Sweden) (UK) A1 (Austria) Aircel (India) airtel (Ghana) airtel (India) airtel (Kenya) airtel (Nigeria) airtel (Tanzania) airtel (Uganda) AIS (Thailand) Antel (Uruguay) APT - Asia Pacific Telecom (Taiwan) FINACCORD 03/2015 III

4 AT&T Mobillity (US) au (Japan) Avea (Turkey) Bakrie Telecom (Indonesia) BASE (Belgium) Beeline (Kazakhstan) Beeline (Russia) Bell Mobility (Canada) BH Mobile (Bosnia Herzegovina) Bouygues Télécom (France) BSNL (India) Cable & Wireless (Panama) Celcom (Malaysia) Cell C (South Africa) Cellcom (Israel) Ceria Mobile (Indonesia) China Mobile (China) China Telecom (China) China Unicom (China) Chunghwa Telecom (Taiwan) Claro (Argentina) Claro (Brazil) Claro (Chile) Claro (Colombia) Claro (Dominican Republic) Claro (Ecuador) Claro (El Salvador) Claro (Guatemala) Claro (Honduras) Claro (Nicaragua) Claro (Peru) COSMOTE (Greece) csl (Hong Kong) DiGi (Malaysia) Digi.Mobil (Romania) Digicel (Haiti) Digicel (Jamaica) Digitel GSM (Venezuela) Djezzy (Algeria) DNA (Finland) DTAC (Thailand) du (UAE) EE (UK) Elisa (Finland) FINACCORD 03/2015 IV

5 Entel (Bolivia) Entel (Chile) Entel (Peru) E-Plus (Germany) Etisalat (Egypt) Etisalat (Nigeria) Etisalat (UAE) Expresso (Senegal) Far EasTone (Taiwan) FITEL (Taiwan) Free (France) Geocell (Georgia) Glo (Ghana) Glo (Nigeria) Globe Telecom (Philippines) Gmobile (Vietnam) IAM (Morocco) Idea Cellular (India) Indosat (Indonesia) inwi (Morocco) Kcell (Kazakhstan) Kölbi (Costa Rica) KPN (Netherlands) KT (South Korea) Kyivstar (Ukraine) LG U+ (South Korea) life:) (Ukraine) LIME (Jamaica) LMT (Latvia) Loop Mobile (India) Iusacell (Mexico) m:tel (Bosnia Herzegovina) M1 (Singapore) MagtiCom (Georgia) Magyar Telekom (Hungary) Maxis (Malaysia) Méditel (Morocco) MegaFon (Russia) MEO (Portugal) Meteor (Ireland) MobiFone (Vietnam) Mobilis (Algeria) Mobily (Saudi Arabia) Mobinil (Egypt) FINACCORD 03/2015 V

6 Mobistar (Belgium) Movicel (Angola) Movilnet (Venezuela) Movistar (Argentina) Movistar (Chile) Movistar (Colombia) Movistar (Ecuador) Movistar (Guatemala) Movistar (Mexico) Movistar (Nicaragua) Movistar (Peru) Movistar (Spain) Movistar (Uruguay) Movistar (Venezuela) MPT (Myanmar) mt:s (Serbia) M-Tel (Bulgaria) MTN (Cameroon) MTN (Ghana) MTN (Nigeria) MTN (South Africa) MTN (Sudan) MTN (Uganda) MTN (Yemen) MTNL (India) MTS (India) MTS (Russia) MTS (Ukraine) Ncell (Nepal) Nepal Telecom (Nepal) NetCom (Norway) NEXTEL (Argentina) NEXTEL (Brazil) NEXTEL (Mexico) NOS (Portugal) NTT DOCOMO (Japan) O2 (Czech Republic) O2 (Germany) O2 (Ireland) O2 (Slovakia) O2 (UK) Oi (Brazil) Oman Mobile (Oman) Omnitel (Lithuania) FINACCORD 03/2015 VI

7 Ooredoo (Algeria) Ooredoo (Kuwait) Ooredoo (Oman) Ooredoo (Qatar) Ooredoo (Tunisia) Optus Mobile (Australia) Orange (Cameroon) Orange (Dominican Republic) Orange (France) Orange (Israel) Orange (Kenya) Orange (Poland) Orange (Romania) Orange (Senegal) Orange (Slovakia) Orange (Spain) Orange (Switzerland) Orange (Tunisia) Pelephone (Israel) Personal (Argentina) Personal (Paraguay) Play (Poland) Plus (Poland) Proximus (Belgium) Reliance Communications (India) Rogers Wireless (Canada) Sabafon (Yemen) Safaricom (Kenya) SFR (France) Si.mobil (Slovenia) Singtel Mobile (Singapore) SK Telecom (South Korea) Smart Communications (Philippines) Smartfren (Indonesia) SmarTone (Hong Kong) SoftBank Mobile (Japan) Sonera (Finland) Spark (New Zealand) Sprint Nextel (US) StarHub Mobile (Singapore) STC (Saudi Arabia) Sunrise (Switzerland) Swisscom (Switzerland) Taiwan Mobile (Taiwan) FINACCORD 03/2015 VII

8 Tata DOCOMO (India) TDC (Denmark) Telcel (Mexico) Tele2 (Latvia) Tele2 (Lithuania) Tele2 (Norway) Tele2 (Russia) Tele2 (Sweden) Telekom (Germany) Telekom (Romania) Telekom (Slovakia) Telekom Slovenije (Slovenia) Telenor (Bulgaria) Telenor (Denmark) Telenor (Hungary) Telenor (Norway) Telenor (Serbia) Telenor (Sweden) Telia (Denmark) Telia (Sweden) Telkom (South Africa) Telkomsel (Indonesia) Telstra (Australia) Telus Mobility (Canada) T-Hrvatski Telekom (Croatia) Tigo (Bolivia) Tigo (Colombia) Tigo (El Salvador) Tigo (Ghana) Tigo (Guatemala) Tigo (Honduras) Tigo (Paraguay) Tigo (Senegal) Tigo (Tanzania) TIM (Brazil) TIM (Italy) T-Mobile (Austria) T-Mobile (Czech Republic) T-Mobile (Netherlands) T-Mobile (Poland) T-Mobile (US) True Move (Thailand) Tunisie Télécom (Tunisia) Turkcell (Turkey) FINACCORD 03/2015 VIII

9 U.S. Cellular (US) Unefon (Mexico) Uninor (India) Unitel (Angola) Verizon Wireless (US) VIBO (Taiwan) Videocon (India) Vietnamobile (Vietnam) Viettel Mobile (Vietnam) Vinaphone (Vietnam) VIP (Croatia) VIP (Serbia) Visafone (Nigeria) VIVA (Kuwait) Vivacom (Bulgaria) Vivo (Brazil) Vodacom (South Africa) Vodacom (Tanzania) Vodafone (Australia) Vodafone (Czech Republic) Vodafone (Egypt) Vodafone (Germany) Vodafone (Ghana) Vodafone (Greece) Vodafone (Hungary) Vodafone (India) Vodafone (Ireland) Vodafone (Italy) Vodafone (Netherlands) Vodafone (New Zealand) Vodafone (Portugal) Vodafone (Qatar) Vodafone (Romania) Vodafone (Spain) Vodafone (Turkey) Vodafone (UK) WIND (Canada) Wind (Italy) WIND Hellas (Greece) XL Axiata (Indonesia) Y!Mobile (Japan) Yoigo (Spain) yumobile (Kenya) Zain (Kuwait) FINACCORD 03/2015 IX

10 Zain (Saudi Arabia) Zain (Sudan) Zantel (Tanzania) FINACCORD 03/2015 X

11 LIST OF GRAPHICS / TABLES 0.0 EXECUTIVE SUMMARY INTRODUCTION GROUP STRATEGY ANALYSIS Total value and users of mobile payments worldwide, 2010 to Summary of strategic initiatives in mobile payments of leading mobile telecoms groups, Summary of strategic initiatives in mobile payments of leading mobile telecoms groups, 2015 (cont.) Summary of strategic initiatives in mobile banking of leading mobile telecoms groups, Summary of strategic initiatives in mobile banking of leading mobile telecoms groups, 2015 (cont.) Captive (and sister) payment and banking partners owned by leading mobile telecoms groups, Joint venture payment, banking and insurance partners owned by leading mobile telecoms groups, Strategic partnerships formed by leading mobile telecoms groups with external banks, BRAND ANALYSIS Mobile operator brands surveyed, segmented by geographical region, Mobile operator brands surveyed, weighted by subscriber numbers, segmented by geographical region, Multinational telecoms groups with five or more wholly- or partially-owned subsidiary brands covered by the research, Provision rates for each type of payment and banking product by mobile operator brands, Provision rates for payments via linked bank cards or accounts by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for payments via linked bank cards or accounts by mobile operator brands, Weighted shares of network partnerships for payments via linked bank cards or accounts by mobile operator brands, Provision rates for payments via direct carrier billing by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for payments via direct carrier billing by mobile operator brands, Provision rates for payments via network account by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for payments via network account by mobile operator brands, Weighted shares of network partnerships for payments via network accounts by mobile operator brands, Percentage of linked bank cards / accounts and network accounts that use contactless technology for payments, segmented by geographical region, Percentage of linked bank cards / accounts and network accounts that require a smartphone app for payments, segmented by geographical region, Provision rates for payments via talktime / call credit transfer by mobile operator brands, segmented by geographical region, Provision rates for mobile banking services (current accounts) by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for mobile banking services (current accounts) by mobile operator brands, Provision rates for credit cards (non-virtual) by mobile operator brands, segmented by geographical region, FINACCORD 03/2015 XI

12 Weighted shares of competitor partnerships for credit cards (non-virtual) by mobile operator brands, Provision rates for prepaid cards (non-virtual) by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for prepaid cards (non-virtual) by mobile operator brands, Provision rates for international payments and remittances by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for international payments and remittances by mobile operator brands, Provision rates for consumer finance / micro-credits by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for consumer finance / micro-credits by mobile operator brands, Provision rates for miscellaneous mobile payment and banking products by mobile operator brands, segmented by geographical region, Weighted shares of competitor partnerships for miscellaneous mobile payment and banking products by mobile operator brands, Operating models used by mobile operator brands for each type of payment and banking product, Operating models used by mobile operator brands for each type of payment and banking product, 2015 (table) degrees (New Zealand): provision, operating models and partnerships for payments and banking (Austria): provision, operating models and partnerships for payments and banking (Hong Kong): provision, operating models and partnerships for payments and banking (Indonesia): provision, operating models and partnerships for payments and banking (Ireland): provision, operating models and partnerships for payments and banking (Italy): provision, operating models and partnerships for payments and banking (Sweden): provision, operating models and partnerships for payments and banking (UK): provision, operating models and partnerships for payments and banking A1 (Austria): provision, operating models and partnerships for payments and banking Aircel (India): provision, operating models and partnerships for payments and banking airtel (Ghana): provision, operating models and partnerships for payments and banking airtel (India): provision, operating models and partnerships for payments and banking airtel (Kenya): provision, operating models and partnerships for payments and banking airtel (Nigeria): provision, operating models and partnerships for payments and banking airtel (Tanzania): provision, operating models and partnerships for payments and banking airtel (Uganda): provision, operating models and partnerships for payments and banking AIS (Thailand): provision, operating models and partnerships for payments and banking Antel (Uruguay): provision, operating models and partnerships for payments and banking APT - Asia Pacific Telecom (Taiwan): provision, operating models and partnerships for payments and banking AT&T Mobility (US): provision, operating models and partnerships for payments and banking au (Japan): provision, operating models and partnerships for payments and banking Avea (Turkey): provision, operating models and partnerships for payments and banking Bakrie Telecom (Indonesia): provision, operating models and partnerships for payments and banking BASE (Belgium): provision, operating models and partnerships for payments and banking Beeline (Kazakhstan): provision, operating models and partnerships for payments and banking Beeline (Russia): provision, operating models and partnerships for payments and banking Bell Mobility (Canada): provision, operating models and partnerships for payments and banking BH Mobile (Bosnia Herzegovina): provision, operating models and partnerships for payments and banking Bouygues Télécom (France): provision, operating models and partnerships for payments and banking.. 96 BSNL (India): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XII

13 Cable & Wireless (Panama): provision, operating models and partnerships for payments and banking Celcom (Malaysia): provision, operating models and partnerships for payments and banking Cell C (South Africa): provision, operating models and partnerships for payments and banking Cellcom (Israel): provision, operating models and partnerships for payments and banking Ceria Mobile (Indonesia): provision, operating models and partnerships for payments and banking China Mobile (China): provision, operating models and partnerships for payments and banking China Telecom (China): provision, operating models and partnerships for payments and banking China Unicom (China): provision, operating models and partnerships for payments and banking Chunghwa Telecom (Taiwan): provision, operating models and partnerships for payments and banking Claro (Argentina): provision, operating models and partnerships for payments and banking Claro (Brazil): provision, operating models and partnerships for payments and banking Claro (Chile): provision, operating models and partnerships for payments and banking Claro (Colombia): provision, operating models and partnerships for payments and banking Claro (Dominican Republic): provision, operating models and partnerships for payments and banking. 111 Claro (Ecuador): provision, operating models and partnerships for payments and banking Claro (El Salvador): provision, operating models and partnerships for payments and banking Claro (Guatemala): provision, operating models and partnerships for payments and banking Claro (Honduras): provision, operating models and partnerships for payments and banking Claro (Nicaragua): provision, operating models and partnerships for payments and banking Claro (Peru): provision, operating models and partnerships for payments and banking COSMOTE (Greece): provision, operating models and partnerships for payments and banking csl (Hong Kong): provision, operating models and partnerships for payments and banking DiGi (Malaysia): provision, operating models and partnerships for payments and banking Digi Mobil (Romania): provision, operating models and partnerships for payments and banking Digicel (Haiti): provision, operating models and partnerships for payments and banking Digicel (Jamaica): provision, operating models and partnerships for payments and banking Digitel GSM (Venezuela): provision, operating models and partnerships for payments and banking Djezzy (Algeria): provision, operating models and partnerships for payments and banking DNA (Finland): provision, operating models and partnerships for payments and banking DTAC (Thailand): provision, operating models and partnerships for payments and banking du (UAE): provision, operating models and partnerships for payments and banking EE (UK): provision, operating models and partnerships for payments and banking Elisa (Finland): provision, operating models and partnerships for payments and banking Entel (Bolivia): provision, operating models and partnerships for payments and banking Entel (Chile): provision, operating models and partnerships for payments and banking Entel (Peru): provision, operating models and partnerships for payments and banking E-Plus (Germany): provision, operating models and partnerships for payments and banking Etisalat (Egypt): provision, operating models and partnerships for payments and banking Etisalat (Nigeria): provision, operating models and partnerships for payments and banking Etisalat (UAE): provision, operating models and partnerships for payments and banking Expresso (Senegal): provision, operating models and partnerships for payments and banking Far Eas Tone (Taiwan): provision, operating models and partnerships for payments and banking FITEL (Taiwan): provision, operating models and partnerships for payments and banking Free (France): provision, operating models and partnerships for payments and banking Geocell (Georgia): provision, operating models and partnerships for payments and banking Glo (Ghana): provision, operating models and partnerships for payments and banking Glo (Nigeria): provision, operating models and partnerships for payments and banking Globe Telecom (Philippines): provision, operating models and partnerships for payments and banking 145 Gmobile (Vietnam): provision, operating models and partnerships for payments and banking IAM (Morocco): provision, operating models and partnerships for payments and banking Idea Cellular (India): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XIII

14 Indosat (Indonesia): provision, operating models and partnerships for payments and banking inwi (Morocco): provision, operating models and partnerships for payments and banking Kcell (Kazakhstan): provision, operating models and partnerships for payments and banking Kölbi (Costa Rica): provision, operating models and partnerships for payments and banking KPN (Netherlands): provision, operating models and partnerships for payments and banking KT (South Korea): provision, operating models and partnerships for payments and banking Kyivstar (Ukraine): provision, operating models and partnerships for payments and banking LG U+ (South Korea): provision, operating models and partnerships for payments and banking life:) (Ukraine): provision, operating models and partnerships for payments and banking LIME (Jamaica): provision, operating models and partnerships for payments and banking LMT (Latvia): provision, operating models and partnerships for payments and banking Loop Mobile (India): provision, operating models and partnerships for payments and banking Iusacell (Mexico): provision, operating models and partnerships for payments and banking m:tel (Bosnia Herzegovina): provision, operating models and partnerships for payments and banking M1 (Singapore): provision, operating models and partnerships for payments and banking MagtiCom (Georgia): provision, operating models and partnerships for payments and banking Magyar Telekom (Hungary): provision, operating models and partnerships for payments and banking Maxis (Malaysia): provision, operating models and partnerships for payments and banking Méditel (Morocco): provision, operating models and partnerships for payments and banking MegaFon (Russia): provision, operating models and partnerships for payments and banking MEO (Portugal): provision, operating models and partnerships for payments and banking Meteor (Ireland): provision, operating models and partnerships for payments and banking MobiFone (Vietnam): provision, operating models and partnerships for payments and banking Mobilis (Algeria): provision, operating models and partnerships for payments and banking Mobily (Saudi Arabia): provision, operating models and partnerships for payments and banking Mobinil (Egypt): provision, operating models and partnerships for payments and banking Mobistar (Belgium): provision, operating models and partnerships for payments and banking Movicel (Angola): provision, operating models and partnerships for payments and banking Movilnet (Venezuela): provision, operating models and partnerships for payments and banking Movistar (Argentina): provision, operating models and partnerships for payments and banking Movistar (Chile): provision, operating models and partnerships for payments and banking Movistar (Colombia): provision, operating models and partnerships for payments and banking Movistar (Ecuador): provision, operating models and partnerships for payments and banking Movistar (Guatemala): provision, operating models and partnerships for payments and banking Movistar (Mexico): provision, operating models and partnerships for payments and banking Movistar (Nicaragua): provision, operating models and partnerships for payments and banking Movistar (Peru): provision, operating models and partnerships for payments and banking Movistar (Spain): provision, operating models and partnerships for payments and banking Movistar (Uruguay): provision, operating models and partnerships for payments and banking Movistar (Venezuela): provision, operating models and partnerships for payments and banking MPT (Myanmar): provision, operating models and partnerships for payments and banking mt:s (Serbia): provision, operating models and partnerships for payments and banking M-Tel (Bulgaria): provision, operating models and partnerships for payments and banking MTN (Cameroon): provision, operating models and partnerships for payments and banking MTN (Ghana): provision, operating models and partnerships for payments and banking MTN (Nigeria): provision, operating models and partnerships for payments and banking MTN (South Africa): provision, operating models and partnerships for payments and banking MTN (Sudan): provision, operating models and partnerships for payments and banking MTN (Uganda): provision, operating models and partnerships for payments and banking MTN (Yemen): provision, operating models and partnerships for payments and banking MTNL (India): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XIV

15 MTS (India): provision, operating models and partnerships for payments and banking MTS (Russia): provision, operating models and partnerships for payments and banking MTS (Ukraine): provision, operating models and partnerships for payments and banking Ncell (Nepal): provision, operating models and partnerships for payments and banking Nepal Telecom (Nepal): provision, operating models and partnerships for payments and banking NetCom (Norway): provision, operating models and partnerships for payments and banking NEXTEL (Argentina): provision, operating models and partnerships for payments and banking NEXTEL (Brazil): provision, operating models and partnerships for payments and banking NEXTEL (Mexico): provision, operating models and partnerships for payments and banking NOS (Portugal): provision, operating models and partnerships for payments and banking NTT DOCOMO (Japan): provision, operating models and partnerships for payments and banking O2 (Czech Republic): provision, operating models and partnerships for payments and banking O2 (Germany): provision, operating models and partnerships for payments and banking O2 (Ireland): provision, operating models and partnerships for payments and banking O2 (Slovakia): provision, operating models and partnerships for payments and banking O2 (UK): provision, operating models and partnerships for payments and banking Oi (Brazil): provision, operating models and partnerships for payments and banking Oman Mobile (Oman): provision, operating models and partnerships for payments and banking Omnitel (Lithuania): provision, operating models and partnerships for payments and banking Ooredoo (Algeria): provision, operating models and partnerships for payments and banking Ooredoo (Kuwait): provision, operating models and partnerships for payments and banking Ooredoo (Oman): provision, operating models and partnerships for payments and banking Ooredoo (Qatar): provision, operating models and partnerships for payments and banking Ooredoo (Tunisia): provision, operating models and partnerships for payments and banking Optus Mobile (Australia): provision, operating models and partnerships for payments and banking Orange (Cameroon): provision, operating models and partnerships for payments and banking Orange (Dominican Republic): provision, operating models and partnerships for payments and banking Orange (France): provision, operating models and partnerships for payments and banking Orange (Israel): provision, operating models and partnerships for payments and banking Orange (Kenya): provision, operating models and partnerships for payments and banking Orange (Poland): provision, operating models and partnerships for payments and banking Orange (Romania): provision, operating models and partnerships for payments and banking Orange (Senegal): provision, operating models and partnerships for payments and banking Orange (Slovakia): provision, operating models and partnerships for payments and banking Orange (Spain): provision, operating models and partnerships for payments and banking Orange (Switzerland): provision, operating models and partnerships for payments and banking Orange (Tunisia): provision, operating models and partnerships for payments and banking Pelephone (Israel): provision, operating models and partnerships for payments and banking Personal (Argentina): provision, operating models and partnerships for payments and banking Personal (Paraguay): provision, operating models and partnerships for payments and banking Play (Poland): provision, operating models and partnerships for payments and banking Plus (Poland): provision, operating models and partnerships for payments and banking Proximus (Belgium): provision, operating models and partnerships for payments and banking Reliance Communications (India): provision, operating models and partnerships for payments and banking Rogers Wireless (Canada): provision, operating models and partnerships for payments and banking Sabafon (Yemen): provision, operating models and partnerships for payments and banking Safaricom (Kenya): provision, operating models and partnerships for payments and banking SFR (France): provision, operating models and partnerships for payments and banking Si.mobil (Slovenia): provision, operating models and partnerships for payments and banking Singtel Mobile (Singapore): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XV

16 SK Telecom (South Korea): provision, operating models and partnerships for payments and banking Smart Communications (Philippines): provision, operating models and partnerships for payments and banking Smartfren (Indonesia): provision, operating models and partnerships for payments and banking SmarTone (Hong Kong): provision, operating models and partnerships for payments and banking SoftBank Mobile (Japan): provision, operating models and partnerships for payments and banking Sonera (Finland): provision, operating models and partnerships for payments and banking Spark (New Zealand): provision, operating models and partnerships for payments and banking Sprint Nextel (US): provision, operating models and partnerships for payments and banking StarHub Mobile (Singapore): provision, operating models and partnerships for payments and banking. 258 STC (Saudi Arabia): provision, operating models and partnerships for payments and banking Sunrise (Switzerland): provision, operating models and partnerships for payments and banking Swisscom (Switzerland): provision, operating models and partnerships for payments and banking Taiwan Mobile (Taiwan): provision, operating models and partnerships for payments and banking Tata DOCOMO (India): provision, operating models and partnerships for payments and banking TDC (Denmark): provision, operating models and partnerships for payments and banking Telcel (Mexico): provision, operating models and partnerships for payments and banking Tele2 (Latvia): provision, operating models and partnerships for payments and banking Tele2 (Lithuania): provision, operating models and partnerships for payments and banking Tele2 (Norway): provision, operating models and partnerships for payments and banking Tele2 (Russia): provision, operating models and partnerships for payments and banking Tele2 (Sweden): provision, operating models and partnerships for payments and banking Telekom (Germany): provision, operating models and partnerships for payments and banking Telekom (Romania): provision, operating models and partnerships for payments and banking Telekom (Slovakia): provision, operating models and partnerships for payments and banking Telekom Slovenije (Slovenia): provision, operating models and partnerships for payments and banking Telenor (Bulgaria): provision, operating models and partnerships for payments and banking Telenor (Denmark): provision, operating models and partnerships for payments and banking Telenor (Hungary): provision, operating models and partnerships for payments and banking Telenor (Norway): provision, operating models and partnerships for payments and banking Telenor (Serbia): provision, operating models and partnerships for payments and banking Telenor (Sweden): provision, operating models and partnerships for payments and banking Telia (Denmark): provision, operating models and partnerships for payments and banking Telia (Sweden): provision, operating models and partnerships for payments and banking Telkom (South Africa): provision, operating models and partnerships for payments and banking Telkomsel (Indonesia): provision, operating models and partnerships for payments and banking Telstra (Australia): provision, operating models and partnerships for payments and banking Telus Mobility (Canada): provision, operating models and partnerships for payments and banking T-Hrvatski Telekom (Croatia): provision, operating models and partnerships for payments and banking287 Tigo (Bolivia): provision, operating models and partnerships for payments and banking Tigo (Colombia): provision, operating models and partnerships for payments and banking Tigo (El Salvador): provision, operating models and partnerships for payments and banking Tigo (Ghana): provision, operating models and partnerships for payments and banking Tigo (Guatemala): provision, operating models and partnerships for payments and banking Tigo (Honduras): provision, operating models and partnerships for payments and banking Tigo (Paraguay): provision, operating models and partnerships for payments and banking Tigo (Senegal): provision, operating models and partnerships for payments and banking Tigo (Tanzania): provision, operating models and partnerships for payments and banking TIM (Brazil): provision, operating models and partnerships for payments and banking TIM (Italy): provision, operating models and partnerships for payments and banking T-Mobile (Austria): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XVI

17 T-Mobile (Czech Republic): provision, operating models and partnerships for payments and banking T-Mobile (Netherlands): provision, operating models and partnerships for payments and banking T-Mobile (Poland): provision, operating models and partnerships for payments and banking T-Mobile (US): provision, operating models and partnerships for payments and banking True Move (Thailand): provision, operating models and partnerships for payments and banking Tunisie Télécom (Tunisia): provision, operating models and partnerships for payments and banking Turkcell (Turkey): provision, operating models and partnerships for payments and banking U.S. Cellular (US): provision, operating models and partnerships for payments and banking Unefon (Mexico): provision, operating models and partnerships for payments and banking Uninor (India): provision, operating models and partnerships for payments and banking Unitel (Angola): provision, operating models and partnerships for payments and banking Verizon Wireless (US): provision, operating models and partnerships for payments and banking VIBO (Taiwan): provision, operating models and partnerships for payments and banking Videocon (India): provision, operating models and partnerships for payments and banking Vietnamobile (Vietnam): provision, operating models and partnerships for payments and banking Viettel Mobile (Vietnam): provision, operating models and partnerships for payments and banking Vinaphone (Vietnam): provision, operating models and partnerships for payments and banking VIP (Croatia): provision, operating models and partnerships for payments and banking VIP (Serbia): provision, operating models and partnerships for payments and banking Visafone (Nigeria): provision, operating models and partnerships for payments and banking VIVA (Kuwait): provision, operating models and partnerships for payments and banking Vivacom (Bulgaria): provision, operating models and partnerships for payments and banking Vivo (Brazil): provision, operating models and partnerships for payments and banking Vodacom (South Africa): provision, operating models and partnerships for payments and banking Vodacom (Tanzania): provision, operating models and partnerships for payments and banking Vodafone (Australia): provision, operating models and partnerships for payments and banking Vodafone (Czech Republic): provision, operating models and partnerships for payments and banking. 326 Vodafone (Egypt): provision, operating models and partnerships for payments and banking Vodafone (Germany): provision, operating models and partnerships for payments and banking Vodafone (Ghana): provision, operating models and partnerships for payments and banking Vodafone (Greece): provision, operating models and partnerships for payments and banking Vodafone (Hungary): provision, operating models and partnerships for payments and banking Vodafone (India): provision, operating models and partnerships for payments and banking Vodafone (Ireland): provision, operating models and partnerships for payments and banking Vodafone (Italy): provision, operating models and partnerships for payments and banking Vodafone (Netherlands): provision, operating models and partnerships for payments and banking Vodafone (New Zealand): provision, operating models and partnerships for payments and banking Vodafone (Portugal): provision, operating models and partnerships for payments and banking Vodafone (Qatar): provision, operating models and partnerships for payments and banking Vodafone (Romania): provision, operating models and partnerships for payments and banking Vodafone (Spain): provision, operating models and partnerships for payments and banking Vodafone (Turkey): provision, operating models and partnerships for payments and banking Vodafone (UK): provision, operating models and partnerships for payments and banking WIND (Canada): provision, operating models and partnerships for payments and banking Wind (Italy): provision, operating models and partnerships for payments and banking WIND Hellas (Greece): provision, operating models and partnerships for payments and banking XL Axiata (Indonesia): provision, operating models and partnerships for payments and banking Y!Mobile (Japan): provision, operating models and partnerships for payments and banking Yoigo (Spain): provision, operating models and partnerships for payments and banking yumobile (Kenya): provision, operating models and partnerships for payments and banking Zain (Kuwait): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XVII

18 Zain (Saudi Arabia): provision, operating models and partnerships for payments and banking Zain (Sudan): provision, operating models and partnerships for payments and banking Zantel (Tanzania): provision, operating models and partnerships for payments and banking FINACCORD 03/2015 XVIII