Digital lending fintech Fasta has partnered with Mastercard to launch ‘FASTACard’ – South Africa’s first virtual Mastercard credit card.
Mastercard said that the new feature will give South Africans access to instant credit loaded onto a secure digital card that can be used online and in-store.
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.
This virtual 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, it said.
Fasta is an authorised and registered credit provider and will offer a low-cost financing facility, using an ‘advanced risk-based decisioning tool’ to grant credit instantly while ensuring affordability.
How it works
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, the 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.
Consumers can apply for a Fasta at participating online retailers at checkout by selecting Fasta as their payment method or by visiting the fintech’s website.
Applicants are required to provide their South African ID number and permission to access their transactional banking details – without having to upload any documents.
Applicants also need to be 18 years or older with a verifiable regular income.
Consumers can select their own credit limit, up to R8,000, and repayment plan with up to three instalments paid over four months.
Cardholders can check their balance and re-load their card once the credit limit is reached via the Fasta website and the FastaCard is valid for three years.