MTN Uganda on Thursday unveiled a virtual payment gateway called MTN MoMocard that is aimed at enabling quicker and more secure online payments globally.
The development is being facilitated by a partnership the telecom giant has with Mastercard and United Bank for Africa (UBA).
According to officials, to enjoy this service, MTN Mobile Money (MoMo) customers will create an account by dialing 165*70# and then following the instructions.
This account will be linked to your MTN MoMo account. With this account, you will be able to shop or make payments at the vast network of global outlets accepting Mastercard payments.
But now instead of owning a Mastercard, you will now be using a virtual card codenamed MTN MoMocard.
Speaking at the launch of the partnership, Wim Vanhelleputte, the chief executive officer, MTN Uganda, said: “MTN MoMo is helping to connect more Ugandans to new forms of commerce.”
He added: “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, 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.”
He added: “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,” said Johnson Agoreyo, the UBA Managing Director/Chief Executive Officer.
“The bank recognizes the role of technology in enhancing financial services delivery and welcomes future similar partnerships.”
Key things to know about MTN MoMocard
What is MTN MoMoCard?
The MTN MoMocard is a virtual card available to MTN customers that enables them to perform online transactions with funds from their MTN MoMo account. MTN has partnered with Mastercard to offer this service.
How do I get the MoMocard?
Getting the MTN MoMocard is very easy. Simply dial *165*70# and select option 1 to create an MTN MoMocard. The customer will then be prompted to enter their MTN MoMo PIN. A 16-digit virtual card number together with the CVV (security code) number will be sent to your phone via an SMS notification.
How much am I charged to use the MTN MoMocard?
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.
What are the limits on the MTN MoMocard?
Every MTN MoMocard has a maximum value of UGX 3,000,000 and is valid for 14 days.
Who can use the MTN MoMocard?
MTN MoMocard is available to all MTN MoMo customers
What can I do with my MTN MoMocard?
With the MoMocard you can pay for goods and services online. Some of these include online shopping, accommodation, airline travel, ebooks, software, apps and so much more. The MTN MoMocard can be used on any online service that accepts payment through Mastercard.
How many MoMocards can I create?
You can create only 1 card at a time. When that card expires or is depleted you can then create another.
What if I forget my MTN MoMocard details?
Simply dial *165*70# and select option 2. You will be prompted to enter your MTN MoMo PIN and thereafter the MTN MoMocard details will be displayed.
Can I cancel the MTN MoMocard?
You can cancel your MTN MoMocard. Simply dial *165*70# and select option 3 to cancel your card. You will be prompted to enter your MTN MoMo PIN to confirm this request.
Can I withdraw cash using my MoMocard?
No, you will not be able to withdraw cash using the MoMocard. It can only be used to make online payments.