Digital lending fintech FASTA has partnered with Mastercard to launch South Africa’s first virtual Mastercard credit card, FASTACard. FASTA is a digital finance business offering consumers a new payment method for their online and in-store purchases using instant credit.
The FASTACard provides access to instant credit 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 consumers who are increasingly seeking “no contact” digital payment solutions in the wake of the coronavirus pandemic.
Unlike anything the world has seen before, the Covid-19 pandemic fuelled a sudden digital surge that catapulted global and domestic eCommerce traffic to unprecedented levels. eCommerce has provided a ray of hope for the ailing South African economy, ravaged by the Covid-19 pandemic, with transactions hitting record highs in May and June.
Backed by Standard Bank and Tutuka, the virtual card replaces a physical plastic credit or debit card and can be used for eCommerce purchases anywhere that Mastercard is accepted. It can also be added to favourite apps like Uber and Netflix. 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 much like they would with a physical card.
For instore purchases, FASTACard can be loaded into Samsung Pay, or any Masterpass-enabled digital wallet available from all the major banks, as well as SnapScan or VodaPay. Once loaded, the cardholder can use their mobile phone to scan a QR code displayed at checkout at more than 200,000 retailers and billers that accept Masterpass payments in South Africa.
FASTA chief executive Kevin Hurwitz said they 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, get new tyres for their car or to buy a new mobile phone.
“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,” Hurwitz.
Suzanne Morel, country manager at Mastercard, South Africa, said consumers were 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,” said Morel.
Consumers can apply for a FASTACard at participating online retailers at the checkout by selecting FASTA as their payment method or by visiting Fasta.co.za. The online self-service application process is fast and secure, requiring only the applicant’s South African ID number and permission to access their transactional banking details – without having to upload any documents.
Consumers select their own credit limit up to R8,000 and repayment plan with up to three installments paid over four months. Within minutes, the loan application is approved and customers are sent a virtual card.
Applicants need to be 18 years or older with a verifiable regular income.