Global payments company, Tutuka, is the issuer of virtual cards in South Africa. Virtual Visa and Mastercards have said to be helping South African businesses offer their consumers a more secure way to shop online.
Virtual cards can be created in seconds through an app or an SMS and work anywhere online that accepts Visa or Mastercard. These digital payments solutions are helping to power the growing e-commerce industry in South Africa.
According to research, South African online spend is forecasted to grow over $3.7 billion by 2019 with a projected annual growth rate of 15 per cent through 2021. This means that more businesses are looking for ways to help their consumer shop online through secure means.
When a virtual card is issued, businesses are able to offer their customers extra rewards. This allows users to create a generic or retail specific virtual card that offers users discounts and rewards when used in conjunction with collaborating apps.
Rowan Brewer, CEO of Tutuka says, “companies across South Africa use plastic Mastercard and Visa cards to enable their customers to receive loans, get gifts, spend rewards and incentives, or just to make payments. With a Tutuka powered virtual Mastercard it is now possible to do all of that but with a fully functional Mastercard that can be distributed digitally, without any plastic and usable on any South African website”
The company says that with the help of this payment solution, businesses in South Africa can now issue virtual cards to their staff or customers. Allowing their consumer’s more financial freedom where they have the option to earn rewards, incentives and have a secure card that can work anywhere in South Africa.
Edited by Jenna Cook
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