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More Industry InsightsMastercard and FASTA Launch South Africa’s First Virtual Credit Card

July 14, 2020by myles0
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Mastercard has teamed up with FASTA – a digital lending fintech – to launch the FASTACard, South Africa’s first virtual credit card.

The FASTACard – backed by Standard Bank and Tutuka – is said to give locals access to instant credit which is loaded onto a secure digital card that can be used online and in-store.

This virtual card will help to meet the demand of today’s cash-strapped consumers who are increasingly seeking ‘no contact’ digital payment solutions in the wake of the pandemic.

South Africans who choose to apply can select their own credit limit – up to R8,000 – and repayment plan – with up to three instalments paid over four months. Within minutes, the loan application is approved and customers are sent a virtual card which is valid for three years.

To pay for purchases, FASTA cardholders receive a 16-digit card number, security code and expiry date, which they use to complete an online purchase – anywhere that Mastercard is accepted – much like they would with a physical card. It can also be added to apps like Uber and Netflix.

For in-store purchases, FASTACard can be loaded into Samsung Pay or any Masterpass-enabled digital wallet, as well as SnapScan or VodaPay. Once loaded, the cardholder can use their mobile phone to Scan a QR code displayed at checkout.

“We launched FASTA to help South Africans quickly and painlessly gain access to an instant, and affordable credit facility at the point of purchase – be it for replacing a fridge that unexpectedly breaks down, splurge on new tyres for their car or to buy a new mobile phone,” says Kevin Hurwitz, CEO of FASTA.

“With the virtual Mastercard, we are giving our customers the convenience of being able to spend their credit at millions of Mastercard retail locations in South Africa and around the world. It also provides savvy shoppers with a secure solution to shop online and instore – without the hassle and time spent applying for a traditional credit card.”

According to Suzanne Morel, country manager at Mastercard, South Africa, consumers are increasingly embracing virtual cards for eCommerce – a trend that has accelerated due to the COVID-19 pandemic.

“South Africans are increasingly shopping online to access what they need without leaving their home, but the safety of their payment details remains a key concern. The new virtual card means that consumers no longer need to use their primary bank card for online shopping. It also provides them with additional security and control as they select the exact amount they want to load onto the card for their purchase.”

Source: IT News Africa

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