MTN teams up with Visa bank card

JUNE 25,2014.

THENEWAGE.

MTN South Africa has teamed up with Visa to launch what sounds like a fully fledged banking card on the back of its Mobile Money platform.

The announcement of the product called Mobile Money Visa card forms part of a march by mobile phone network operators into banking services across the African continent.

The far-reaching penetration of mobile phones on the continent is seen as an alternative to rolling out virtual banking operations.

A statement announcing the MTN/Visa development yesterday said the Mobile Money Visa card has been available from Pick• Pay and Boxer stores as of June 17.

The statement said Mobile Money has since its launch in 2012 garnered more than 2 million customers and registered more than R2.5bn in monetary transactions.

Mobile Money got a boosted in March this year when it was given regulatory approval to become a fully accessible bank account on a mobile device.

MTN South Africa CEO Zunaid Bulbulia said: “This next phase of Mobile Money is especially exciting as we are empowering customers to use their Mobile Money Visa card at ATMs and till points across the country with free unlimited card swipes and
full banking functionality.”

He added that the Mobile Money Visa card has no monthly or annual card fees.

“By supplementing a powerful mobile solution with a Visa card, the operator is extending the net for those who want to experience full banking services without having to go into a bank and it also assists to drive financial inclusion for the large number of people who may be presently unbanked or under-banked,” Bulbulia said.

Dougie Henderson, head of emerging products and innovation for Visa in Africa said: “More people across Africa are switching from cash to card transactions which provide greater safety, convenience and, increasingly, more personal finance capabilities.

“We expect this trend to continue as new technologies are being rapidly adopted across the continent that make it easier for more people to be included in the financial system.”