Ukheshe, Mastercard, Nedbank and Telkom collaborate to grow access to the digital economy with virtual product that enables secure e-commerce payments on phone
Telkom has launched Africa’s first Mastercard virtual card for use on WhatsApp, enabling Telkom Pay customers to make e-commerce payments. This move is expected to empower 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 enables its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual (non-plastic) card to the wallet, users can now make payments to local and global online merchants that accept Mastercard, including Uber and Netflix.
Telkom managing executive for financial services, Sibusiso Ngwenya, 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.”
Telkom’s move to bring virtual cards into its Telkom Pay WhatsApp service is a result of close collaboration with Mastercard, Nedbank and leading fintech enablement partner, Ukheshe Technologies.
Suzanne Morel, country manager for Mastercard South Africa, says the expansion of Telkom Pay’s services is an important step forward 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, without compromising the safety and security of transactions. Together with our partners, we are helping more people to benefit from the choice and flexibility that a growing, inclusive digital economy brings.”
Telkom’s Mastercard virtual card for WhatsApp gives customers the flexibility 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 an online 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. For more details visit https://www.ukheshe.com/