Zazu has announced that it is releasing virtual debit cards. The virtual card will be the first Mastercard product the company launches from its catalogue. With this product, Zazu is poised to widen its reach in the digital space.
The virtual card is linked to the Zazu app, meaning that all Zazu users will have free access to the product. A virtual card is just like a debit card but only it is digitally issued. A virtual card gives people the ability to participate in the global economy, even if they do not have a bank account. Because it is issued alongside Mastercard, the virtual card can be used on any website or platform that accepts Mastercard. And because it is digital, it means that it is a safer way to pay for goods and services – a welcome development in light of Covid–19.
Zazu recently became the first Non-Bank financial institution in the country to be awarded a Mastercard Principal Membership in May 2020, allowing Zazu Africa to independently distribute Mastercard products and services. Alongside Airtel, Safaricom, Orange and Bank of Botswana, it is one of 5 Principal Members of Mastercard who are not banks.
The virtual card will come with two primary validity options; single use and 30-day use. Zazu’s CEO Perseus Mlambo explains that “we know that a lot of people are concerned about buying things securely from the internet. Our virtual debit card gives people a safe platform to use for purchases, and at the same time, keep their accounts secure. We know this because we allow people to create a virtual card that expires straight after use – that means your account details are not shared with the website or merchant. For those recurring payments like Netflix or Ulendo, we allow our customers to create a virtual card that expires after 30 days.”
Source: Zazu Africa