FASTA, Mastercard introduce virtual credit card
Digital solutions credit provider FASTA has partnered with Mastercard to introduce FASTACard, a virtual credit card to enable contactless payments at local and international retailers.
An authorised and registered credit provider, FASTA offers South Africans a low-cost financing facility, using risk-based decision tools to grant instant credit.
Through the collaboration with Mastercard, FASTA says it is offering its customers access to credit via FASTACard, a secure virtual card that enables them to pay for goods at brick-and-mortarretailers and on e-commerce sites.
The loan is loaded directly onto the virtual card to help meet the demand of today’s cash-strapped consumers who are increasingly seeking ‘no contact’ digital payment solutions in the wake of the coronavirus (COVID-19) pandemic.
Backed by Standard Bank and software firm Tutuka, the virtual card can also be added to apps like Uber and Netflix.
Local retailers have been introducing measures to reduce the handling of cash in their stores, with Pick n Pay and Shoprite Group enabling contactless payment solutions across their shops.
“We launched FASTA to help South Africans quickly and painlessly gain access to an instant and affordable credit facility at the point of purchase,” 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.”
The virtual card is available to clients of all banks.
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 in-store 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 the card is loaded, the cardholder can use their mobile phone to scan a quick response code displayed at checkout at more than 200 000 retailers and billers that accept Masterpass payments in SA.
Suzanne Morel, country manager at Mastercard South Africa, says consumers are increasingly embracing virtual cards for e-commerce – a trend that has accelerated due to COVID-19.
“South Africans are increasingly shopping online to access what they need without leaving their home, but safety of their payment details remains a key concern. The new virtual card means consumers no longer need to use their primary bank card for online shopping, while providing them with additional security and control as they select the exact amount they want to load onto the card for their purchase,” notesMorel.
Consumers can apply for a FASTACard at participating online retailers at checkout by selecting FASTA as their payment method or by visiting FASTA.co.za. The online self-service application process requires the applicant’s SA ID number and permission to access their transactional banking details – without having to upload any documents. Applicants need to be 18 years or older, with a verifiable regular income.
Consumers select their own credit limit up to R8 000 and a repayment plan with up to three instalments paid over four months. Cardholders can check their balance and once the credit limit is reached, they can re-load their card via the Fasta Web site.