TechInAfrica – Through a partnership with Mastercard and United Bank for Africa (UBA), MTN Uganda is launching a virtual card chat with the ability to enable quicker, safer, and simpler global online payments. The virtual card chat is called MTN MoMo and it allows customers to shop and make payments at any global outlets that accept Mastercard payments.
Through the launching, MTN wants to ensure that MTN Momo is able to provide its customers with access to products and services with “virtual card”. The current virtual card technology replaced the old technology requiring a physical credit card. The partnership resulting in cutting-edge digital payment solutions that will be introduced in Uganda.
The Chief Executive Officer of MTN Uganda, Wim Vanhelleputte said the low-price mobile financial services are giving positive impacts to the communities as well as lifestyles in Uganda. It is shown by the excellent increase in a number of customers and the volume of transactions throughout the years.
MTN MoMo has a slight similarity with a debit card system where it is linked to a bank account. However, the MTN MoMocard is linked to a customer’s MTN MoMo account that is accessible on the type of mobile phones. What customers need to do is following the instructions by dialing 165*70#. Additionally, the MoMo is accessible to any marketplace platform that accepts Mastercard, both locally and globally. This technology will be a good solution for customers who travel frequently, either for business or vacation and those who shop online. It is user-friendly, convenient, and safe.
The Vice President Market Development of Mastercard Sub-Saharan Africa, Ngozi Megwa said that apart from its ability to provide solutions for an online shopping experience, the virtual card also supports the growth of e-commerce in Africa. We cannot deny that digital payments shape commerce that leads to the growth of the economy in the continent. He showed his excitement about their partnership with the MTN and looked forward to serving its customers with the innovation.
As it is supported by United Bank of Africa, it facilitates the payment of online transactions, locally and internationally. The project between UBA and MTN will not only enhance simplicity for mobile money customers but also the use of the service. The technology can improve financial services delivery as well as generate the economy of the country.