Fasta, a digital lending fintech, has partnered with Mastercard to launch FastaCard, a virtual Mastercard credit card.
The FastaCard gives South Africans access to instant credit loaded on to a secure digital card that can be used online and in-store.
An authorised and registered credit provider, Fasta offers South Africans a low-cost financing facility, using an advanced risk-based decisioning tool to grant credit instantly while ensuring affordability. Through the collaboration with Mastercard, Fasta is offering its customers access to credit via a secure virtual card, enabling them to pay for a wide range of goods, services such as airtime and data, as well as bills.
Backed by Standard Bank and Tutuka, the virtual card replaces a physical plastic credit or debit card and can be used for e-commerce purchases anywhere that Mastercard is accepted. It can also be added to 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.
“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 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.”
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.
“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 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.”