Fasta, the digital lending platform, has signed a partnership agreement with MasterCard for the production of ‘FASTACard’, the first virtual MasterCard credit card in South Africa.
FASTACard is going to act as a substitute for the physical plastic debit or credit cards and can be utilized to make online purchases anywhere MasterCard is accepted.
Standard Bank and Tutuka are the major investors on this innovative project that offers South Africans the use of an instant credit card lodged in a secure digital card which they can make use of in stores, online, and on apps such as Netflix and Uber.
This virtual card is the answer to the demands of consumers and business people who desire a payment system with minimal contact following the coronavirus pandemic.
Fasta is a registered credit provider that will provide a low-cost financing facility. Utilizing an ‘advanced risk-based decision-making tool,’ this system can grant customers instant and affordable credit.
How Does It Work?
Every FASTACard holder is given a 16-digit card number, security code, and an expiry date which enables them to make purchases just as they would with a physical card.
To make in-store purchases, FASTACard is loaded onto Samsung Pay, or any of the digital wallets enabled with Masterpass from major banks. It can also be loaded on SnapScan or VodaPay
Once it has been loaded onto the right system, the card then uses the owner’s mobile device to scan a QR code which is displayed at checkout. There are over 200,000 retailers and merchants who accept Masterpass payments in South Africa.
To make payments using FASTACard, consumers can select FASTA as their payment method when they get to the checkout or they can visit FASTA’s website.
To apply, you must be 18 and above with a verifiable means of regular income. Also, everyone applying for a FASTACard must provide their South African ID number and allow access to their transactional banking details. Applicants are not required to upload any documents.
You are allowed to choose your credit limit which could be up to R8,000. Payments can be made in three instalments and can be paid over four months.
FASTACard holders can check their balance and apply to reload their cards immediately the credit limit is reached. Re-loading can be done on FASTA’s website. FASTACard remains valid for three years.