Fasta, a digital lending platform, has signed a partnership agreement with MasterCard to produce the ‘FASTACard,’ South Africa’s first virtual MasterCard credit card.
FASTACard will function as a replacement for physical plastic debit or credit cards and can be used to make online purchases wherever MasterCard is accepted.
Standard Bank and Tutuka are the major investors in this innovative project, which provides South Africans with an instant credit card lodged in a secure digital card that they can use in stores, online, and on apps like Netflix and Uber.
Following the coronavirus pandemic, this virtual card is the response to consumer and business demands for a payment system with minimal contact.
Fasta is a licenced credit provider that will offer low-cost financing. This system, which employs a ‘advanced risk-based decision-making tool,’ can provide customers with instant and affordable credit.
How Does It Function?
Every FASTACard holder receives a 16-digit card number, security code, and expiry date, allowing them to make purchases just like a physical card.
To make in-store purchases, FASTACard is loaded onto Samsung Pay or any of the digital wallets from major banks that support Masterpass. It is also possible to load it on SnapScan or VodaPay.
Once loaded onto the correct system, the card scans a QR code displayed at checkout using the owner’s mobile device. In South Africa, over 200,000 retailers and merchants accept Masterpass payments.
Consumers can use FASTACard to make payments by selecting FASTA as their payment method at the checkout or by visiting FASTA’s website.
To apply, you must be 18 or older and have a verifiable source of regular income. In addition, anyone applying for a FASTACard must provide their South African ID number as well as permission to access their transactional banking details. No documents must be uploaded by applicants.
You can choose your credit limit, which can be up to R8,000. Payments can be made in three instalments over the course of four months.
FASTACard holders can check their balances and reload their cards as soon as their credit limit is reached. Reloading is possible on FASTAs.
Is FNB issuing virtual cards?
Virtual cards are simple to create, cancel, or delete, and can be blocked temporarily at any time.
Once added, you can manage your virtual card on the app because all of your card information is visible.
Virtual cards are simple to load for online purchases on Takealot, Amazon, and many other sites, and they can also be used for online subscriptions like Uber, Netflix, and others.
Virtual cards can also be used without a physical card for FNB Pay (Tap to Pay, Scan to Pay) and all partner wallet transactions, including Apple Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.
How much does the FNB virtual card cost?
To create a Virtual Card, you must first have an FNBy, FNB Easy Zero, FNB Easy, FNB cheque, FNB Fusion, FNB Credit Card, or FNB Business Cheque account, as well as the most recent version of the FNB App on your mobile device. A Virtual Card is free of charge to you.
