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MTN Rwanda's FinTech arm, Mobile Money Rwanda (MoMo Rwanda) has partnered with Mastercard to launch a new virtual payment solution in Rwanda, known as Virtual Card by MoMo.
This launch allows MoMo customers to make secure global e-commerce payments.
The Virtual Card by MoMo is claimed to provide a secure method for customers to shop or make payments at any global outlet that accepts Mastercard.
It is part of the MTN Group's strategy to extend its partnership with Mastercard, focusing on card issuance, acceptance, and remittance services.
The alliance aims to address the increasing demand for digital payment options, offering choice and facilitating cross-border transactions for millions of MoMo users across 13 African nations.
This collaboration involves I&M Bank, which will offer technical assistance to promote financial inclusion and literacy, aligning with Rwanda's initiative towards a cashless economy.
Customers can manage their online payments by entering their PIN to confirm purchases as it is directly linked to a customer's MTN MoMo account and is accessible via any mobile phone.
All MTN Rwanda customers are eligible to apply for the Mastercard virtual card.
Mastercard EEMEA market development executive vice president Amnah Ajmal said: “The combination of partnership and innovation enables us to bring greater possibilities to people and small businesses in Africa. These solutions provide more access, create more connections, generate confidence, and grow the digital economy, ultimately benefiting the whole ecosystem."
Mobile Money Rwanda CEO Chantal Kagame said: "We believe our customers deserve the benefits of a modern, connected life, and this virtual card will enable them to conveniently and securely shop online at their favourite international stores. The Virtual Card by MoMo is just the first of many products and services we have planned to create value for our customers.”
In February this year, MTN Group Fintech and Mastercard formed a partnership to enhance the development of the mobile money ecosystem in Africa.
"Mobile Money Rwanda, Mastercard partner to introduce virtual payment card " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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