The new mobile money service is named MoMoPay.
"MoMoPay is a very easy and very secure solution that will revolutionize the world of payment in pharmacies, petrol stations, resorts and travel companies. We have a terminal – the X8 – that will revolutionize the world of transport. Now Zemidjan motorcycle taxis, urban taxis that the government wants to launch, and long-distance buses will also be able to use this solution." said Virgile Toffodji, Managing Director of MTN Mobile Money in Benin at the launch event.
MoMoPay uses Near-Field Communication (NFC) technology developed by Youtap to enable MTN Benin Mobile Money customers to tap and pay using their mobile devices.
"MoMoPay is going to make life easier for millions of Beninese. I'm very proud to be part of MTN Benin and playing a part in growing cashless payments," added Stephen Blewett, CEO at MTN Benin.
MTN Benin CEO Stephen Blewett and a Zemidjin motorcycle taxi driver display the MoMoPay tag and Youtap’s X8 payment terminal at the MoMoPay launch event in Cotonou, Benin.
MoMoPay is being rolled out to supermarkets, pharmacies, bookstores, restaurants and petrol stations in Cotonou and to Zemidjan motorcycle taxis, which are the popular form of transport in Benin. It is expected that MoMoPay will be expanded to all parts of the country.
"We are excited about launching our payment solution in another MTN market and working with MTN Benin in the launch of MoMoPay. Youtap is committed to supporting MTN Benin's mission to transform the market by offering this innovative service to its customers," said Shaun Morgan, VP Sales – Africa at Youtap.
This is not the first roll out of Youtap's tap and pay mobile payment system in Afrika. In November 2016 MTN Rwanda launched MTN Tap & Pay. The service is also somewhat similar to Safaricom's Lipa Na M-Pesa NFC-enabled payment cards and wristbands in Kenya.