MoMo from MTN Zambia has formally introduced the MoMo Virtual Card powered by Mastercard, a new digital payment system that allows users to make safe online payments and is currently integrated into the newly released MoMo app.
- MoMo from MTN Zambia has formally introduced the MoMo Virtual Card powered by Mastercard, a new digital payment system that...
- Even for people without access to traditional banking, MoMo is providing an experience that links mobile money to international card...
- Customers can only load the amount required for online transactions onto the new prepaid card because it connects to their...
- By combining our local reach with Mastercard’s global network and security, we’re breaking down traditional banking barriers and enabling more...
Keep reading for the full breakdown on momo ussd virtual card activation — everything you need to know is covered below.
Even for people without access to traditional banking, MoMo is providing an experience that links mobile money to international card payments by incorporating the virtual card into its recently updated app, released last month.
Customers can only load the amount required for online transactions onto the new prepaid card because it connects to their MoMo wallet. Users can effectively isolate funds set aside for online use by topping up their main MoMo wallet independently from their Virtual Card wallet for additional financial control.
“The MoMo Virtual Card powered by Mastercard is a gateway to the digital economy,” said Komba Malukutila, Managing Director at MoMo Zambia, at the launch of the new product.
“Anyone with a MoMo wallet can pay online securely, conveniently, and instantly, opening up opportunities for streaming, education, international shopping, and more. By combining our local reach with Mastercard’s global network and security, we’re breaking down traditional banking barriers and enabling more Zambians to participate in online commerce,” he added.
MTN MoMo’s larger goal to promote digital inclusion throughout the continent
According to Gabriel Swanepoel, Mastercard’s Country Manager for Southern Africa, this partnership is part of the company’s broader goal to promote digital inclusion across the continent. “We are proud to work with MTN MoMo to deliver a secure, globally accepted payment solution to millions of people who may not have access to traditional banking services.”
This partnership could potentially reach 64 million active MoMo wallets across 13 African nations.
The local BIN sponsors for this partnership are UBA Zambia, a licensed financial institution that provides the regulatory and compliance framework required for MTN to issue Mastercard virtual cards. Innovation, according to UBA Zambia MD Chinedu Norbert Obeta, is a strong facilitator of financial inclusion.
“Our role as BIN sponsor for MTN Zambia’s MoMo Virtual Card reflects our strategic focus on leveraging partnerships to expand access to safe and seamless digital payment solutions for individuals and businesses across the country.”
Customers only need to log into the MoMo App, choose the card icon in the upper left corner, and click “Activate your virtual card” to activate the MoMo Virtual Card. By dialling *115#, selecting Option 7—Financial Services, and then selecting Option 1—MoMo Virtual Card, customers who use USSD can also activate it.