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FASTA, a digital lending fintech, has partnered with Mastercard to launch FASTACard, South Africa’s first virtual Mastercard credit card
The FASTACard gives South Africans access to instant credit, loaded onto a secure digital card, through the FASTA website, that can be used online and in-store. This virtual card will help the increasing demand for ‘no contact’ digital payment solutions after the pandemic.
Consumers can apply for a FASTACard at participating online retailers, by selecting FASTA as their payment method during checkout or by visiting Fasta.co.za
. The online self-service application process is fast and secure and requires only the applicant’s SA ID number and permission to access their transactional banking details, but no documents. Applicants need to be 18 years or older with a verifiable regular income.
Consumers get to choose their own credit limit up to US$482, with a repayment plans up to three installments, over a period of four months. The loan application is approved within minutes, and customers are sent a virtual card. Cardholders can check their balance and reload their card once the credit limit is reached. The virtual card will be valid for three years.
The virtual card is supported by the Standard Bank and Tutuka, and will replace the plastic credit and debit card. It can be used for eCommerce purchases where Mastercard is accepted and can be added to apps such as Uber and Netflix.
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.
“We launched FASTA to help South Africans gain access to an instant and affordable credit facility at the point of purchase. With are giving our customers the convenience 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 hassles of a traditional credit card,” says said Kevin Hurwitz, CEO of FASTA.
According to Suzanne Morel, country manager at Mastercard, South Africa consumers are increasingly embracing the use of virtual cards for e-commerce – a trend that has accelerated due to the pandemic.
“South Africans are shopping online more than ever, to access what they need without leaving their homes; but safety of their payment details remains a major concern. With the new virtual card, consumers will 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 the purchase.”
Through the collaboration with Mastercard, FASTA is offering its customers, access to credit via a secure virtual card, which enables them to pay for a wide range of goods and services, such as airtime and data, and regular bills.
