MTN Uganda in partnership with Mastercard and United Bank for Africa (UBA) have announced a new service that will enable quicker, safer and more convenient online payments globally. Through this partnership, MTN MoMo customers will use a virtual card to shop or make payments at the vast network of global outlets accepting Mastercard payments.
The launch of the virtual card that is known as MTN MoMocard will ensure MTN’s ability to provide its customers access to products and services previously a preserve of physical credit card holders while diversifying its mobile money portfolio. Additionally, the partnership will result in a wide range of cutting-edge digital payment solutions being introduced in Uganda.
“MTN MoMo is helping to connect more Ugandans to new forms of commerce,” said Wim Vanhelleputte, Chief Executive Officer, MTN Uganda. “Our affordable mobile financial services are positively impacting communities and lifestyles in Uganda. This is evidenced by the phenomenal growth in both the number of customers and volume of transactions over the years,” he added.
Like a debit card that is linked to a bank account, the MTN MoMocard is linked to a customer’s MTN MoMo account but is accessible on any type of mobile phone. All a customer has to do is dial 165*70# and follow the instructions.
The MTN MoMocard can be used on any merchant platform that accepts Mastercard – locally and globally. Consumers that travel frequently for business or leisure, or those that shop online will enjoy the convenience of the easy-to-use solution.
Ngozi Megwa, Vice President Market Development, Sub-Saharan Africa, Mastercard said, “Besides the ability to connect more consumers to a solution that enables them to pay without cash, the virtual card also supports the growth of e-commerce in Africa and supports businesses who want to appeal to a wider audience. Digital payments is shaping commerce, the backbone of any economy. We are excited about the MTN partnership and its ability to connect us with an audience hungry for innovation.”
The MTN MoMocard is powered by United Bank for Africa, which facilitates the payment transactions online, both locally and internationally.
“UBA is excited to be the bank partner with Mastercard and MTN on this milestone project that not only enhances convenience for mobile money customers but also the utility of the service. The bank recognises the role of technology in enhancing financial services delivery and welcomes future similar partnerships,” said Johnson Agoreyo, the UBA Managing Director/Chief Executive Officer.
Each MTN MoMocard created costs UGX 1,000 and every payment using the MTN MoMocard will be charged 3% of the transaction amount. These charges will be made on the customer’s MTN MoMo account.