Five years back, at the very least in 2020, we had something called the MTN MoMocard. This was a virtual card – coming with a card number, CVV and an expiry date – letting you do all your online shopping and payments of the like with a deduction getting done off your MTN Mobile Money.
In between there, something happened and the MoMocard was no more. However, the guys at MTN didn’t let it just pass.
Just recently, we told you about MTN Group striking a partnership with Network International with a focus on rolling out card issuance products in key markets, including Uganda. This has come to life with the launch of the new virtual card service, dubbed Virtual Card by MoMo.
This revolutionary digital payment solution is aimed at fostering e-commerce growth and financial inclusion; and the relaunch comes in collaboration with Mastercard, Diamond Trust Bank, and Network International, marking a significant milestone in Uganda’s digital financial ecosystem.
The Virtual Card by MoMo allows MTN Mobile Money subscribers to perform online transactions securely without the need for a physical card or bank account. Powered by Mastercard, the card enables payments on any platform that accepts card transactions, including global e-commerce sites, social media platforms, and local vendors.
This innovation as well aligns with MTN’s Ambition 2025 strategy to promote financial inclusion and economic empowerment across Africa.
Users can create the card directly from their MoMo Wallet via USSD code (*165*70#), making it accessible even to those without a bank account. Transactions are safeguarded by advanced industry standards, minimizing risks associated with physical cards.
Customers can load only the required amount for each transaction, ensuring full control over spending. The card supports payments for school fees, online shopping, travel bookings, and subscriptions to streaming services like Netflix and Spotify.
The new Virtual Card by MoMo addresses past challenges while incorporating enhanced features to meet the growing needs of Uganda’s digital economy
