Virtual Mastercard | Company revolutionises mobile payments
20 May, 2023, 6:30 pm
Vodafone Fiji M-PAiSA users now have the option to hold a virtual Mastercard on their phones, opening up all expected uses for a traditional Mastercard.
The card design features the Lali, the beating of which appropriately implies a major announcement. Vodafone M-PAiSA has recently been granted the National Payment Service Provider Licensee by the Reserve Bank of Fiji under the newly-enacted National Payments Act.
This means its M-PAiSA service comes under the same level of prudential supervision by the Reserve Bank, similar to a commercial bank.
This is to ensure account holder funds are always safeguarded and protected.
Mastercard Director Pacific Islands Craig Kirkland said the M-Paisa Mastercard solution is underpinned with fraud prevention layers delivered by Mastercard.
“They are SafetyNet, Decision Intelligence and 3DS2 which in combination addresses transactional fraud as well customer authentication, which is the way that the world is moving towards addressing fraud,” he said.
The service also features real time transaction notifications in the form of free SMS messages, the ability switch to on and switch off the card from the M-PAISA App, and the ability to track all payments in real time with a transaction log and foreign exchange conversion to FJD currency.
The first 100,000 customers who apply will receive their Mastercard free of charge. Applications can be made fully online by uploading one’s documents via a smartphone.