MTN Rwanda's fintech arm, Mobile Money Rwanda (MoMo Rwanda), has partnered with payment giant Mastercard to launch a new virtual payment solution in Rwanda.
Known as Virtual Card by MoMo the partners say it will allow MoMo customers to make secure global e-commerce payments. Indeed, this virtual card, for which all MTN Rwanda customers can apply, is said to provide a secure method for customers to shop or make payments at any global outlet that accepts Mastercard.
Earlier this year we reported that Mastercard and MTN Group Fintech had signed a multi-market agreement that will use Mastercard’s technology and capabilities to support MTN’s ambition to become Africa’s largest fintech platform for both merchants and consumers.
This new announcement is part of the MTN Group strategy to extend its partnership with Mastercard, focusing on card issuance, acceptance and remittance services.
The alliance aims to address the increasing demand for digital payment options, in particular facilitating cross-border transactions for millions of MoMo users across 13 African nations.
According to the Electronic Payments International news resource, this collaboration involves I&M Bank, a leading financial banking group in Eastern Africa with a presence in Kenya, Mauritius, Rwanda, Tanzania and Uganda.
Customers can manage their online payments by entering their PIN to confirm purchases; the PIN is directly linked to a customer's MTN MoMo account and is accessible via any mobile phone.
