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KIGALI - In yet another exciting development in Mobile Money innovation, MTN Rwanda, the country’s telecommunications leader has teamed up with VeriFone Mobile Money to introduce MTN Tap&Pay, the first Near Field Communication (NFC) mobile money payment solution in Rwanda.
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.
This innovative 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 will be able to pay for goods and services simply by “tapping” their phones on a merchant point of sale device.
The experiential launch which took place today at Kigali City Tower (KCT) saw MTN partner with one of the biggest retail chain stores in the East African region, Nakumatt, to go live with this service.
To use this service, the value of the goods purchased is entered into the POS device where the customer will tap the tag onto the POS device, input their Mobile Money PIN from their mobile phone all within a matter of seconds. There is no need to navigate a long USSD menu or enter in a long string of digits.
Speaking at the launch event, Acting CEO, Yvonne Manzi Makolo said, “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.”
Hon. John Rwangombwa, Governor of the Central Bank of Rwanda lauded MTN for introducing a payment service designed to create more flexibility, accessibility and convenience for Mobile Money customers. “MTN Tap& Pay is an innovative merchant payment solution that is a key milestone and a game changer in the drive towards a cashless economy.”
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 3600 merchants utilise MTN Tap&Pay by the end of March 2017.
“We believe that MTN Tap&Pay will bring a strong value proposition for all MTN Mobile Money merchants and customers as well as offer an innovative shopping experience which is fast, secure and easy,” added Norman Munyampundu, General Manager of MTN Business.
“Tap and Pay technology benefits both consumers and merchants,” said Shaun Morgan, GM Sales – Africa with VeriFone Mobile Money. “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.”
MTN is hopeful that this new payment solution will contribute to the growth of mobile retail payments in Rwanda, where cash is still predominant. As a country, Rwanda’s goal is to fully achieve a cashless economy with at least 95% of all transactions happening electronically by 2017.
Just last week, MTN launched a Mobile Money month-long celebration themed “Let’s Go Cashless” marked by a series of events countrywide expected to deepen awareness and educate Rwandans about the benefits of going cashless.
MTN Rwanda now boasts over 1 million active Mobile Money users making over 7 million transactions per month, with a monthly transaction value of Rwf 70 billion on its Mobile Money platform.
The MTN Mobile Money ecosystem has expanded extensively with a number of innovative solutions that integrate Mobile Money into the fabric of society. They include Water Bill Payments, Bank Integration services, School Fees payments, Tax payments and Fuel payments, among others.
About MTN Rwanda:
MTN Rwanda (MTN RWANDACELL Ltd) has been in operation since 1998 with over 4 million subscribers and still growing. In its vision of leading the delivery of a bold, new, digital world to our customers, the company offers new and innovative packages and services and keeps up with the latest trends in communications to satisfy its customers.
About Verifone Mobile Money (www.verifonemobilemoney.com)
Verifone Mobile Money is a joint venture between Youtap and Verifone. Verifone Mobile Money provides complete mobile money solutions designed to meet the needs of mobile operators for telco-based money transfer and payment services in emerging markets.
About Youtap (www.youtap.com)
Youtap is a global provider of contactless mobile payments and financial services software enabling mobile money and stored-value wallet customers to tap and pay at any point of sale using any mobile device. Youtap’s secure NFC solutions support payment acceptance for contactless and non-contactless cards, NFC tags and wearables, and NFC phones. Youtap supports MNOs and retailers by incorporating loyalty programs and other responsive functionalities that benefit both consumer and merchant. Founded in 2007 in Auckland, New Zealand, and operating globally, Youtap has offices in Auckland, San Francisco, Nairobi, Jakarta and Singapore.
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