MTN MoMo, in partnership with Mastercard, Diamond Trust Bank and Network International, launched a Virtual Card on Thursday to facilitate safe online transactions in Uganda.
The Virtual Card is an inventive payment solution created to allow MTN MoMo customers to conduct safe online transactions without requiring a physical card or bank account.
In line with the company’s overarching goal of allowing a digital economy for everyone, MTN’s most recent offering reaffirms its dedication to promoting financial inclusion and improving digital accessibility throughout Uganda.
Digital financial services have grown significantly in Uganda. According to the Bank of Uganda, mobile money transactions reached Shs 191 trillion in the 12 months ending June 2023, a 23 percent rise from Shs 156 trillion during the same time in 2022.
Advantages of MTN MoMo’s Virtual Card
With the use of MoMo’s Virtual Card, consumers can easily and securely make card-based online payments on any website, social media platform, or e-commerce platform that takes card payments.
The advantages of a Mastercard-powered virtual card are now available to MTN MoMo customers via their MoMo Wallet, whether they are using it to pay for school fees, increase their social media profile, shop online, or make travel arrangements.
“The Virtual Card by MoMo is a major milestone in our journey towards MTN’s Ambition 2025, which focuses on promoting financial inclusion and economic empowerment across Africa. By offering a secure and convenient way to access online services, we enable our customers to engage more actively in the digital economy. This new product underscores our dedication to innovation and excellence in the digital financial sector”, said Jemima Kariuki Njuguna, Chief Product Officer, MTN MoMo
“At Mastercard, we are committed to driving financial inclusion by leveraging our technology to deliver innovative solutions that meet the unique needs of consumers across Africa. The launch of the Virtual Card by MoMo in Uganda marks a critical milestone in enabling broader access to the digital economy. With this collaboration, we are enabling millions of Ugandans to transact securely and conveniently, ultimately contributing to the nation’s economic development”, stated Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East, and Africa, Mastercard.
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Who can use MTN MoMo’s Virtual Card
MoMo’s Virtual Card is made to cater to a wide range of users, including students, small business owners, entertainment enthusiasts, online shoppers, travellers, and local e-commerce.
MoMo’s Virtual Card provides an easy-to-use application process.
Customers can apply by dialling *165*70#. Once they do, the card will be automatically linked to their MoMo Wallet, allowing them to engage in the digital economy even if they do not have a bank account.
Security is a primary concern, and transactions are protected by the strictest industry guidelines, reducing the risks involved in using a physical card.
Users also have more financial flexibility because they can only top up the amount required for each transaction, which gives them complete control over how much they spend.
The card also grants access to special offers, like discounts on airline tickets, partnerships, and other incentives, hence enhancing digital commerce and financial inclusion in Uganda’s developing economy.