Founded in 2006, Paggo launched the first Brazilian mpayment system in partnership with Oi, brazilian Mobile Network Operator. Branded Oi Paggo, the mpayment system was a closed loop credit card solution for issuance, scheme and acceptance of mobile devices issued as credit cards to consumers and another payment method to merchants that were registered to Paggo’s mobile network. In 2009, Paggo became the biggest m-commerce operation in Brazil, with more than 250,000 users, 75,000 registered merchants and more than 3 million transactions settled per year. In 2010, Cielo and Oi established a joint venture to promote financial inclusion to popular retail consumers and merchants, the new company was named Paggo with the value proposition to offer mobile commerce through all schemes, banks, card issuers and MNOs in the brazilian market.