"momentum is the product of mass and velocity, so, by this definition, massless photons cannot have momentum"
This reasoning does not hold. Momentum is the product of energy and velocity.
"How is this momentum defined (equations)?"
Inserting factors of $c$, the relativistically correct relation between momentum $p$ and velocity $v$ is $$c^2 p = E v$$ This holds for non-relativistic massive particles (total energy dominated by rest-energy: $E = m c^2$, and therefore $p=mv$) as well as for massless particles like photons ($v = c$ and hence $p=E/c$).