On Tuesday, Mastercard announced it has teamed up with MTN Uganda and United Bank for Africa (UBA) to launch a new mobile money service in Uganda. The trio reported that through the new partnership MTN MoMo customers will use a virtual card to shop or make payments at the network of global outlets accepting Mastercard payments.
According to Mastercard, the launch of the virtual card, 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. The partnership will also result in a wide range of cutting-edge digital payment solutions being introduced in Uganda. While sharing details about the MTN MoMocard, Wim Vanhelleputte, CEO of MTN Uganda, stated:
“MTN MoMo is helping to connect more Ugandans to new forms of commerce. 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.”
Ngozi Megwa, Vice President Market Development of Sub-Saharan Africa at Mastercard also commented:
“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. The card 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.