South African fintech, FASTA, has partnered with Mastercard to launch FASTACard, the country’s first virtual Mastercard credit card.
FASTACard, gives access to instant credit loaded onto a secure digital card that can be used online and in-store.
The 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.
The company is offering a low cost financing facility to customers using an advanced risk-based decisioning tool to grant credit instantly while ensuring affordability. The facility also enables payment of a wide range of goods and services.
Backed by Standard Bank and Tutuka, the virtual card replaces a physical plastic credit or debit card and can be used for eCommerce purchases where Mastercard is accepted and can also be added to apps like 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,.
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 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,” says said Kevin Hurwitz, CEO of FASTA.
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.
Consumers can apply for a FASTACard at participating online retailers at checkout. The online self-service application process is fast and secure, requiring only the applicant’s ID number and permission to access their transactional banking details – without having to upload any documents.
The loan applications can be approved within minutes and customers are sent a virtual card. Virtual card holders can check their balance and are able to re-load their card.