Mastercard and MTN Group Fintech have signed a multi-market agreement that will see the introduction of a prepaid virtual card to the mobile operator's Mobile Money ( MoMo ) ecosystem.
This will allow users to make point-of-sale payments using their MoMo wallets and give merchants the ability to accept card payments.
"The prepaid virtual card tailored for MTNs MoMo customers will grant them access to more than 100 million acceptance points worldwide," said MTN in a statement on Thursday.
"It will empower MoMo merchants to accept card payments seamlessly, enhancing the platforms instant cross-border money remittance services and capabilities."
According to MTN, 60 million of its 290 million subscribers have MoMo wallets that are active on a monthly basis.
The agreement with Mastercard will impact subscribers in 13 markets: Benin, Cameroon, Cote d'Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda and Zambia.
' READ: MTN fintech unit seeks more investorsMastercard said it wants to bring a billion people and 50 million SMEs into the global digital economy by 2025, and its work with MTN is part of this drive. - © 2024 NewsCentral Media
