Telkom has launched Africa’s first Mastercard virtual card for transacting on WhatsApp, enabling Telkom Pay customers to make e-commerce payments.
According to Telkom, this development is expected to enable millions of South Africans (even those without a bank account) to access the digital economy and transact online.
Launched in 2020, Telkom Pay is a digital payments wallet that allows its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual card to the wallet, users can now make payments to local and global online merchants that accept Mastercard, including Uber and Netflix.
Telkom said its Mastercard virtual card for WhatsApp gives customers the opportunity to shop safely and conveniently using just their smartphone and the Telkom Pay app
Customers simply create a virtual card on their profile, link it to their digital wallet and transfer funds from their wallet to the card. To pay for purchases, users receive a virtual prepaid card, including a 16-digit card number, security code and expiry date, which they use to complete the purchase much like they would with a physical card.
The virtual card solution is safely stored on the Telkom Pay app and customers can temporarily block, cancel or replace their card via the app, providing them with additional security and control.
Telkom’s move to bring virtual cards into its Telkom Pay WhatsApp service is a result of close collaboration with Mastercard, Nedbank and fintech enablement partner Ukheshe Technologies.
Suzanne Morel, country manager for Mastercard SA, says the expansion of Telkom Pay’s services is an important step forward in improving access to the digital economy.
Telkom managing executive for financial services Sibusiso Ngwenya also says: “We are proud to lead the way in launching the first virtual card through WhatsApp on the continent. This ensures greater financial inclusion through affordable products and services that cater to everyone and are easily accessible through a mobile device at any time.”