African mobile network operator MTN Benin and Youtap have partnered to launch a contactless mobile payment service for MTN Benin Mobile Money users.
Unveiled in Cotonou, Benin, the new MoMoPay enables MTN Benin Mobile Money customers to ‘tap and pay’ for goods and services instantly and securely with their mobile devices. The service relies on near-field communication (NFC) technology developed by Youtap, a global provider of contactless mobile payments and financial services software.
Youtap’s portable new X8 device enables mobile money merchant payments instantly.
An innovative feature of MoMoPay is the ability for users to make payments and receive small change (rendu monnaie) from merchants directly into their MTN Mobile Money accounts, solving the problem of giving small change back to customers that many merchants face today.
MoMoPay is being rolled out to supermarkets, pharmacies, bookstores, restaurants and petrol stations in Cotonou and to Zemidjan motorcycle taxis, which are the main form of transport in the country. The service will be expanded to all parts of Benin.
MTN Benin says MoMoPay is going to make life easier for millions of Beninese.
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. As of 30 September 2016, MTN recorded 234.2 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Ivory Coast, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Youtap was the first company in the world to pioneer the use of NFC stickers, wearables and cards integrated into a mobile money wallet. Youtap’s terminals and associated payment gateway products conform to the latest standards for open- and closed-loop payment acceptance.
Youtap MTN MoMoPay launch event in Cotonou, Benin.
There are about 12 million residents of Benin.