Fintech Friday: Fasta – expanding payment options
Kevin Hurwitz, founder of Fasta, spoke with Efma’s Boris Plantier about how his company is creating the fastest and simplest way to pay for goods in South Africa with instant credit online.
What led to the creation of Fasta?
The payments industry has been dominated by bank originated credit cards for a long time. Further, access to credit cards in South Africa is limited. Most South African online shoppers prefer to use their credit cards when purchasing items online. The preferred payment methods of online shoppers in South Africa are: credit card (45%), debit card (21%), bank transfer (20%), PayPal (7%) and other (8%) (Statista, 2019).
However, only 13% of South African adults aged fifteen years plus possess a credit card (We Are Social, 2018) so it will be important for South African online stores to offer a variety of secure payment options. We wanted to design and offer a product where users could effectively apply, and be issued, within minutes.
Could you present Fasta's offer?
Fasta offers customers access to immediate credit options for use both online and in-store. These offerings are presented after an application process that is fast to complete. One of the application outcomes, if a customer is successful, is the issuing of a Mastercard virtual card that can be used by the customer either online, anywhere Mastercard is accepted, or in store, anywhere Masterpass or SnapScan is accepted.
What's coming next for Fasta?
We are continually looking to innovate in the payments space giving both customers and merchant partners a spectrum of solutions that can be used to drive consumer spending and merchant sales. We want to innovate and give our customers options that depend on where they are purchasing.