Telkom Pay has launched what it calls the first virtual Mastercard in Africa created for performing transactions through messaging app WhatsApp. The digital wallet service’s card is the result of a collaboration between Nedbank (who have some history with WhatsApp payments), Mastercard (who just love harvesting interest) and Ukheshe Technologies (who seem like… pretty decent fellows, so far).
You’re going to Telkom Pay for that
Basically, users of Telkom’s digital wallet service will create a virtual Mastercard in the Telkom Pay app, which is then linked to the wallet itself. They’ll have to load cash onto the card and that virtual card can then be used to purchase items using the Telkom Pay WhatsApp service. The virtual card is complete, with a full 16-digit number, that all-important CVV on the back and an expiry date, but that also means it needs to be secured the same way as an actual card. So no posting it on the internet, yes?
Telkom’s managing executive for financial services, Sibusiso Ngwenya, said, “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.”
Mastercard’s country manager for SA, Suzanne Morel, added, “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.”