MTN Uganda has partnered with Mastercard and United Bank for Africa (UBA) to launch a new virtual Mastercard to expand its mobile money portfolio.
The MTN MoMocard links to the customer’s MTN MoMo account. It offers access to all products and services associated with physical credit cards such as travel bookings, ebooks and apps.
Customers can use the virtual card for online shopping as well as other payments at both domestic and international e-commerce merchants accepting Mastercard.
MTN Uganda CEO Wim Vanhelleputte said: “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.”
Mastercard vice-president of market development for Sub-Saharan Africa Ngozi Megwa 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.”
In addition to the MTN MoMocard, the partners plan to launch a variety of digital payment solutions across the country.