Credit card company MasterCard has partnered with local company Oltio, a “…mobile-centric payments and financial services company”, in order to bring MasterCard Mobile to South African shores.
The service will allow users to make online purchases using their mobile phones. Only Absa, Nedbank and Standard Bank clients will be supported but Maestro and MasterCard debit and credit card holders will be able to make secure online purchases via phone for the first time in this country.
The service will only work with e-tailers which support MasterCard Mobile. Initially users will have to enter their card information, the expiry date on the card and select their account type, as well as entering their mobile number. Later purchases will use the phone number entered and the user’s PIN to authenticate later purchases as well as the user’s CVC number in appropriate cases.
GM of MasterCard Worldwide South Africa Anna Jones said, “While providing greater convenience, MasterCard cardholders have peace of mind knowing that they no longer need to share their card details online. Instead, the information remains secure with MasterCard Mobile which verifies and concludes payments on the cardholder’s behalf. And importantly, the MasterCard Mobile solution does not levy any additional fees to the cardholder and, unlike EFTs, the payment is made instantly.”