MasterCard and Mobile Money Rwanda Limited (MoMo Rwanda) have partnered to introduce Virtual Card by MoMo, Rwanda’s virtual payment solution that enables MoMo customers to make international e-commerce payments.
With a virtual card, MoMo customers can now shop or make payments at international MasterCard-accepting businesses.
The statement on its LinkedIn page on Tuesday reads, “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 favorite 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.”
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The MTN Group’s strategic partnership with MasterCard to enhance cooperation in issuance, acceptance, and remittance includes this product introduction.
Partnership to enhance cross-border transactions in 13 African countries
The deal connects millions of MoMo consumers in 13 African countries to MasterCard’s worldwide network, thereby meeting the growing demand for digital payments and cross-border transactions, according to the two firms.
The Virtual Card is accessible from any mobile device and is directly connected to the user’s MTN MoMo account.
According to the corporation, this ensures safe and secure transactions by allowing MoMo consumers to manage their online purchases by entering their PINs before finalising a purchase.
The MasterCard virtual card is available to all MTN Rwanda customers.
I&M Bank to offer technical assistance
Along with promoting financial inclusion and literacy in accordance with Rwanda’s cashless economy goal, the partnership also enlists I&M Bank to offer technical assistance.
“Our collaboration with MasterCard, supported by I&M Bank, allows us to leverage world-class technology to ensure a seamless and secure customer experience,” said Chantal Kagame, CEO of MoMo Rwanda.
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MasterCard and I&M Bank express their enthusiasm about the partnership
Additionally, Amnah Ajmal, executive vice president of MasterCard’s Market Development EEMEA, stated, “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. We are proud to see our collaboration with MTN continue to deliver impact in new markets, in new ways, and to new segments of underserved communities,” Ajmal emphasised.
“We believe that the Virtual Card by MoMo will transform the way Rwanda currently transacts and increase efficiency and prosperity for the Rwandan population. We are committed to continuing to provide innovative financial solutions that are timely and relevant,” said Benjamin Mutimura, CEO of I&M Bank.