MTN and Mastercard recently partnered to launch another first service in Uganda with the MTN MoMocard. Now, MTN customers can create a virtual card number and use it like any other online banking account like VISA or Payoneer.
Just like that VISA card you get from your local bank, you will be given a 16-digit virtual card number once you opt to open an account using your MTN Mobile Money details. The virtual card number comes complete with a CVV (security code) which is sent to your phone. With these details, you can purchase any thing worldwide and any mastercard-supported terminals apart from ATM withdraws. Here are 8 things you must know about this new service.
1. 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.
2. What are the transaction costs on 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.
3. 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.
4. Is there a limit in the number of MTN MoMocards can I create?
Yes. You can create only 1 card at a time. When that card expires or is depleted you can then create another.
5. Is it possible to 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.
6. How do I access the MTN 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.
7. What should I do 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.
8. Can I withdraw money using my MTN MoMocard?
No .You will not be able to withdraw cash using the MTN MoMocard. It can only be used to make online payments.
