MTN, MasterCard partnership enables mobile e-commerce payments
Payment technology multinational MasterCard and telecommunications services multinational MTN on February 16 announced that MTN customers in 16 African countries will be able to make e-commerce payments safely and securely using a MasterCard virtual payment solution linked to MTN's mobile money (MoMo) service.
"Through this partnership, MTN customers with a Mastercard virtual payment solution linked to their MoMo wallets, can make payments to online merchants globally through a seamless and secure digital payment experience on websites and mobile applications. The service is available regardless of whether or not the customer has a bank account," says MTN Group chief digital and financial technology (fintech) officer Serigne Dioum.
Initially designed to allow for cash transfers between mobile users, MTN's MoMo wallet includes loans, insurance, remittances and payments.
“This noteworthy partnership is another step to enable our customers to participate in the global economy. We are resolute that accelerated financial inclusion is a potent enabler of socioeconomic development that empowers the most vulnerable in society," Dioum says.
Mobile devices are the primary channel used to connect to the Internet across sub-Saharan Africa. Mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region, and consumers increasingly expect to have access to a broader range of digital financial services.
However, consumers and merchants are mostly restricted to a local base of online and offline businesses, curtailing consumers’ ability to engage in global commerce.
“This significant milestone will enable millions of MTN customers to benefit from global digital commerce and drive digital and financial inclusion across Africa through easy and secure access to financial services," says Mastercard Middle East and Africa market development executive VP Amnah Ajmal.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation