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MTN unveils new mobile money payment solution
11 November 2016
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.