Online business is increasing each and every day which calls for new convenient and effective online payment methods. There are already a number of online payment methods out there, but each one of them has its flaws, things like coverage.
An example is PayPal which at the time we’re publishing this can not be withdrawn from in Uganda.
Well, problems just like these pose opportunities for businesses. Back in 2018 MTN partnered with Mastercard and United Bank for Africa (UBA) and created the MTN MoMocard to make online transactions more convenient for MTN mobile money users.
With over 22.2 million mobile money users in 15 countries, the projected impact of the service is undoubtedly big.
What is MTN MoMocard?
MTN MoMocard is a virtual card that enables mobile money users to make online transactions using funds from thier MoMo accounts.
If you own or have ever owned a credit card, then the same principles apply to the MTN MoMocard. In fact, you can completely replace your credit card with this MTN MoMocard
Since most of the people majorly use their bank accounts for savings, MTN mobile money plays a major role in carrying out day to day transactions which include paying for services online like e-commerce purchases, domain registrations, web hosting, and many more…
This makes the card suitable for online payments.
I have personally used the card more than 10 times when purchasing stuff online like paying for domain registration, web hosting plus buying stuff on e-commerce websites.
Who can use MTN MoMocard?
Since the virtual card is funded by money on MTN mobile money, anyone who has an MTN mobile money account can use the service.
What are the charges involved with MTN MoMocard?
Creating an MTN MoMocard costs UGX 1000 which is automatically deducted from the user’s mobile money account on confirming creation. This means that you should have a minimum balance of UGX 1000 on your account in order to create the card.
Other charges come in only when you make a transaction where a 3% commission is charged on each transaction made with the card.
All these charges are collected from the user’s mobile money account.
What is the validity of the MTN MoMocard?
The MTN MoMocard can last for 30 days, after which you can create another one which costs the same initial amount (UGX 1000).
Some people might not like the fact that the card lasts a bit shorter than the usual credit cards.
Well, this is actually something good on one hand. This is very good for the safety of your money. If you dig deeper into this stuff, you will find out that these online services we use are exposed to a lot of risks.
Hackers are constantly getting access to users’ data from various services. So, the earlier your card number expires, the safer you are from the people who could get unauthorized access to it.
How to get MTN MoMocard?
Before you attempt to create an MTN MoMocard, I advise that you first check your account balance on MTN mobile money
Check your account balance with these steps:
- Dial *165# on your phone containing the MTN sim card
- From the list, choose My Account
- Then Check Balance on the next page.
- Provide your mobile money pin and your account balance will be displayed.
After confirming that your account balance can cover, continue with creating your MTN MoMocard with these simple steps:
- Dial *165*70#
- Choose the option that says “Create MTN MoMocard”
- Provide your mobile money pin on the next page
- Your card will be created after confirming the pin and the card details will be displayed which includes the name, card number, CVC, and expiry date, which is 30 days from the day you create the card.
In the future, you can still check your MTN MoMocard details by dialing *165*70# and then selecting “View MTN MoMocard Number”
In case you’re suspicious that your card details have been exposed, you can cancel the card conveniently by dialing *165*70# and then select “Cancel MTN MoMocard”
Where is the MTN MoMocard accepted?
The MTN MoMocard is powered by Mastercard.
This means that any where, a debit card/credit card is accepted, the MoMocard is accepted as well. As a matter of fact, when you enter your MTN MoMocard number anywhere, it will be viewed as a Mastercard credit card.
This means that you can use the card to pay on over 90% of websites that receive payments.