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Mastercard & FASTA Launch FASTACard, First Virtual Credit Card in SA

Mastercard has joined forces with FASTA to launch FASTACard, the first virtual credit card in South Africa. The card can be used to secure instant credit for online and in-store transactions. It will help cash-strapped customers amidst the COVID-19 pandemic.

FASTA is an authorized and registered digital lending provider in South Africa. It uses an advanced risk-based decision tool to grant instant credit to its customers. This partnership with Mastercard will enable it to offer access to credit facilities via a secure virtual card. Its customers can now pay for products/services anywhere that Mastercard is accepted.

Standard Bank and Tutuka back the virtual credit card. It can be a payment option in widely used apps such as Netflix and Uber, as well as e-commerce purchases. Like any credit or debit card, FASTA cardholders are given a 16-digit card number, security code and expiration date to process payment.

The card can serve as for in-store purchases through any Masterpass-enabled digital wallet provided by financial institutions. The cardholder can use his/her mobile phone to scan a QR code at checkout for over 200000 retailers that accept Masterpass payments in South Africa.

Also read: Is FinTech the wildcard to African SME recovery?

FASTACardis convenient and quick access to instant and affordable credit facility for both customers and retailers in need of a secure payment solution. Around the world, more people are adopting the use of virtual cards of e-commerce activities as a result of the COVID-19 pandemic. Rather than leaving their homes, more people are embracing e-commerce purchase as a safer way of transacting to avoid physical contact.

The application process requires the applicant’s ID number and permission to access transactional banking details without having to upload and document. The credit limit is R8000, and payment is spreadable across three instalments over four months. Within minutes of application, the loan is approved and the customer receives the virtual card. The card is valid for three years. Customers can apply for the FASTACard via fasta.co.za.

Source: Tech Gist Africa

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