MTN unveils new mobile money payment solution

Jason McGee-Abe
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MTN Rwanda has teamed up with VeriFone Mobile Money to introduce a new mobile money payment solution called MTN Tap&Pay

The mobile money payment solution, hailed as a “game changer in the drive towards a cashless economy,” said John Rwangombwa, governor of the Central Bank of Rwanda, is powered by near-field communication (NFC) technology, which was developed by global provider of contactless mobile payments and financial services software Youtap.

“We are pleased to partner with Verifone Mobile Money to bring this innovative payment solution to Rwandans. MTN Tap&Pay is just another one of our many commitments to ensure that we are living up to our vision of leading the delivery of a bold, new digital world to our customers,” said Yvonne Manzi Makolo, acting CEO at the launch event in Kigali City Tower (KCT), where MTN partnered with one of the biggest retail chain stores in the East African region, Nakumatt, to go live with the service.

The service will enable mobile phones and merchant POS terminals to seamlessly connect to the MTN Mobile Money wallet where MTN’s 1 million Mobile Money subscribers, who make over 7 million transactions per month, will be able to pay for goods and services simply by “tapping” their phones on a merchant point of sale device.

In the first deployment phase, MTN has targeted 100 merchants who will be using this payment service in their stores. Phase 2 will see an additional 3,600 merchants utilise MTN Tap&Pay by the end of March 2017.

As a country, Rwanda’s goal is to fully achieve a cashless economy with at least 95% of all transactions happening electronically by 2017.