MTN Uganda in partnership with Mastercard and United Bank for Africa (UBA) has announced a new service that ships in quicker, safer and more convenient cardless payments globally. Through this partnership, customers will use a virtual card to shop or make payments worldwide at any center accepting MasterCard as a payment option.
The launch of MTN’s virtual MoMoCard could be the telco’s fresh step towards a fruitful 10-year tenure as customers won’t have to battle with physical cards in order to make payments. Additionally, UBA’s partnership with MTN may result into a wide range of cutting-edge digital payment solutions being introduced in Uganda. Unlike the previous Barclays partnership with Vivo energy that sparked off a new Visa enabled card geared up with Zeroed transaction costs, the MoMoCard will cost customers UGX 1000 each time the service is used.
Like a debit card that is linked to a bank account, the MTN MoMocard is linked to a customer’s Mobile money account. Henceforth all a customer has to do is dial 165*70# and follow the instructions.
Among the benefits of MTN’s newly launched MoMocard, shopping on any merchant platform that accepts Mastercard – locally and globally such as Amazon or eBay comes in check with low costs as compared to the usual bank rates for the same service. More so, the telco’s partnership with the United Bank of Africa (UBA) has triggered a new twist to the Mobile banking sector with services like Mokash and MoMoPay providing effective solutions. However, the UBA CEO further inked their involvement in promoting a cashless economy through partnerships.
“UBA is excited to be the bank partner with Mastercard and MTN on this milestone project that not only enhances convenience for mobile money customers but also the utility of the service. The bank recognizes the role of technology in enhancing financial services delivery and welcomes future similar partnerships,” said Johnson Agoreyo, the UBA Managing Director/Chief Executive Officer.
