MTN MoMo may now accept card payments thanks to a Mastercard deal a multi-million agreement. In addition, Mastercard and MTN Group Fintech will provide a prepaid virtual card to the mobile operator’s Mobile Money (MoMo) ecosystem.
MTN MoMo May Now Accept Card Payments Thanks to a Mastercard Deal
Merchants will now be able to take card payments and users will be able to use their MoMo wallets for point-of-sale payments.
MTN in a statement on Thursday said, “The prepaid virtual card tailored for MTN’s MoMo customers will grant them access to more than 100 million acceptance points worldwide.” “It will empower MoMo merchants to accept card payments seamlessly, enhancing the platform’s instant cross-border money remittance services and capabilities.”
13 Market Will be Impacted by the Mastercard Arrangement
Of its 290 million users, only 60 million have MoMo wallets that are used every month, according to MTN. Subscribers in 13 markets Benin, Cameroon, Côte d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia will be impacted by the Mastercard arrangement.
The deal comes after Mastercard announced earlier this month that it had invested $200 million to acquire a minority share in MTN Group Fintech. By supporting several mobile money programs across Africa, the alliance hopes to increase the number of unbanked people on the continent to roughly 43% of the 1.3 billion people and integrate them into the financial system. stated MTN on Thursday in a release.
Mastercard has stated that its partnership with MTN is part of its drive to include 50 million SMEs and one billion individuals in the global digital economy by 2025.
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