For enabling transacting on WhatsApp, Ukheshe, Mastercard, Nedbank and Telkom work together to finally develop access to the digital economy with virtual product.
Telkom has launched Africa’s first Mastercard virtual card for transacting on WhatsApp. It enables Telkom Pay customers to make e-commerce payments. It also expectedly empowers millions of South Africans because its even gives access to the digital economy and online transaction who do not have a bank account.
Telkom Pay
Telkom Pay is a digital payments wallet which launched in 2020. It finally enables users to make and receive payments using transacting on WhatsApp on their mobile phone. As a result, user can make payments to local and global online companies with the virtual Mastercard. These companies must accept Mastercard like Uber and Netflix.
Telkom Managing Executive for Financial Services, Sibusiso Ngwenya, said that they are proud to lead the way in launching the continent’s first virtual card through WhatsApp. This ensures greater financial inclusion through affordable products and services. It is easily accessible through a mobile device at any time.
Telkom’s move to bring virtual cards into its Telkom Pay WhatsApp service by close collaboration with Mastercard, Nedbank and Ukheshe Technologies, a leading fintech enablement partner.
Another official, Suzanne Morel, Country Manager for Mastercard, South Africa, says the expansion of Telkom Pay’s services is an important step. It forwards in improving access to the digital economy. “South Africans are increasingly shopping online, yet many people are left out as they lack the financial tools needed for e-commerce. This digital-first solution bridges the divide by giving consumers instant access to a virtual payment solution through WhatsApp. Furthermore, it will not compromise the safety and security of transactions. We are helping more people to benefit from the choice and flexibility that a growing, inclusive digital economy brings.”
Benefits of virtual Mastercard
Telkom’s virtual Mastercard for transacting on WhatsApp gives not only the customers the flexibility to shop safely but conveniently as well by using their smartphone and the Telkom Pay app. They simply create a virtual card on their profile. Link it to their digital wallet and transfer funds from their wallet to the card. Users receive a virtual prepaid card Telkom which includes a 16-digit card number, security code and expiry date. They use it to complete an online purchase much like they would with a physical card.
Safety of Virtual Card
Telkom Pay app safely store virtual card solution. Customers not only can temporarily block but cancel or replace their card via the app as well. Which consequently provides them with additional security and control.
CEO of Ukheshe, Clayton Hayward said, “We are excited to assist Telkom in making new, advanced products possible. We therefore look forward to continuing our journey of supporting clients in their efforts to offer cutting-edge payment solutions to people who need them most.”
About Ukheshe Technologies
Ukheshe Technologies is a market leading fintech enablement partner. It has a legacy not only in enterprise platform delivery in banking but telco sectors. Ukheshe adapts and creates components that are scalable, secure and ready to deploy in market leading digital-first propositions.
