MTN unveils new mobile money payment solution

It will now be easier for MTN Rwanda subscribers to make payments, thanks to the launch of a new mobile money payment solution, MTN Tap&Pay, by the telecom firm yesterday. Speaking at the launch in Kigali, Yvonne Manzi Makolo, the MTN acting chief executive, said the firm partnered with Verifone Mobile Money to introduce the innovative payment solution. MTN Tap&Pay is the first Near Field Communication (NFC) mobile money payment solution in Rwanda, according to the telecom firm. While launching the solution, National Bank of Rwanda (BNR) governor John Rwangombwa, said the innovative merchant payment solution is a key milestone and a game changer in the drive towards a cashless economy. “The launch of this product comes at a time when the government is encouraging the financial sector players and ordinary Rwandans to embrace electronic payment platforms, not only for their efficiency and safety when transacting business, but also because the digital financial services have been proven to spur economic growth by widening the tax base and creating more jobs,” he said. He said the innovation should add value to the mobile money industry and help the country achieve its vision of cashless society and financial inclusion. The governor, however, called for more awareness drives to sensitise the public about the facility and other e-payment services. Shaun Morgan, the VeriFone Mobile Money general manager for sales, Africa division, said, “For consumers, it’s a more convenient way to use mobile money. For merchants, it provides access to a whole new world of sales data and market intelligence. Yvonne Manzi Makolo, the MTN acting chief executive, said the firm partnered with Verifone Mobile Money to introduce the innovative payment solution. How the app works MTN Tap&Pay is powered by near-field communication (NFC) technology developed by Youtap, a global provider of contactless mobile payments and financial services software. It will enable mobile phones and merchant point of sale (POS) terminals to seamlessly connect to the MTN Mobile Money wallet, allowing subscribers to pay for goods and services simply by “tapping” their phones on a merchant point of sale device.

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MTN unveils new mobile money payment solution