First MasterCard competition where local entrepreneurs can propose and create solutions that could “Shift” how Brazilians shop and pay

Best concepts to be awarded over 20,000 Reals in Prizes and a chance to partner with MasterCard

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November 11, 2014 – Sao Paulo– MasterCard, a leading technology company in the payments space, announced today that it is kicking-off the first MasterCard SHIFT Digital Commerce Challenge in Sao Paolo, Brazil.  The contest seeks innovators, entrepreneurs and start-ups in Brazil with revolutionary ideas, solutions and apps that could disrupt how Brazilians shop and pay. MasterCard will award over 20,000 Reals in prizes to the best concepts to be presented during a “live” final pitch round on December 6, 2014 at The Orleans Bar.

“As ecommerce in Brazil continues to grow, we want to be a leader in propelling the innovations that can improve consumers’ digital shopping experience,” said Marcelo Tangioni, head of products for MasterCard Brazil and the Southern Cone.  “MasterCard is tapping into Brazil’s thriving technology ecosystem to identify local entrepreneurs to work with us in this transformation of the ecommerce payments space.”

According to a recent Digital Evolution Index study conducted by MasterCard, Brazil accounts for 59% of Latin America’s e-Commerce revenues. The market is classified as part of a group of “break-out” countries that are quickly evolving digitally and, if this trend continues, have the potential to grow into robust digital economies.

“We can’t wait to see what Brazil’s innovators bring. We are challenging them to be bold and revolutionary, as consumers, businesses and financial institutions can all benefit from faster, easier and more efficient ways to transact,” adds Marcelo Theodoro, head of digital convergence and ecommerce products for MasterCard in Brazil and the southern cone.

Those interested in participating can apply for entry starting November 11th until November 26th via the website mastercard.com/shift. Once concepts are submitted, MasterCard will notify accepted applicants if they are selected as finalists. The finalists will present in front of a panel of judges which include Federico Lacerda, founder of 21212; Francisco Jardim, SP Ventures and Tiago Asevedo, founder of Circuito Startup during a one-day event that is open to the public.  There will also be mentoring, workshops and presentations on the future of digital payments to inspire attendees.

MasterCard has enlisted recognized accelerators 21212, Circuito Startup and Wayra as strategic partners for the event. The event is the part of MasterCard’s overall strategy to drive innovation in the region and comes at the heels of MasterCard’s launch of MasterPass, a new service that will make it even easier to shop and make purchases from virtually any mobile device.