One million subscribers of mobile network operator MTN Rwanda’s MTN Mobile Money service will be able to make in-store payments at thousands of retail outlets within six months using their NFC mobile phones through MTN Tap&Pay, unveiled in collaboration with Verifone Mobile Money and NFC technology provider Youtap.
The first NFC mobile money payment solution implemented in the East African country is being piloted with African retailer Nakumatt and is expected to be rolled out to 100 merchants in its first deployment phase.
An additional 3,600 merchants are expected to support MTN Tap&Pay by the end of March 2017.
“This innovative service will enable mobile phones and merchant POS terminals to seamlessly connect to the MTN Mobile Money wallet where MTN’s 1m Mobile Money subscribers will be able to pay for goods and services by tapping their phones on a merchant point-of-sale device,” MTN Rwanda says.
“MTN is hopeful 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.”
“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,” says Norman Munyampundu, general manager of MTN Business.
MTN Mobile Money now has more than 1m active users making more than 7m transactions per month, with a monthly transactions value of Rwf 70bn (US$86.37m), according to the carrier.