PayCentral, a digital payment fintech, has partnered with Mastercard to launch an online platform DigiCentral.
The platform provides SMEs with digital payment solutions that allow business owners to pay incentives, rewards, gifting, corporate expenses, and employee salaries via a prepaid virtual card.
Due to the COVID-19 pandemic, 68% of South Africans are online shopping more frequently and 75% are utilising contactless payments, according to research from Mastercard. PayCentral’s main objective is to eliminate physical cash from the ecosystem as well as reduce crime threats to business owners and salary recipients, according to Venture Burn.
Founded in 2016, PayCentral has created an online portal that supports SMEs to access a card management platform. The portal allows business owners to gain control of their transactions without the intervention of a third party. The payroll process differs as the distribution of funds is shifted onto a card rather than employees receiving cash or payments into their bank accounts.
Furthermore, PayCentral has launched a physical Mastercard prepaid card, DigiCentral, that ensures recipients can withdraw money from any ATM and specific POS terminals countrywide.
The DigiCentral virtual card is a prepaid card that allows users to only spend money they must avoid overspending and debt. The card boosts the elimination of physical plastic cards and can be used for ecommerce and in-store purchases. Like a physical card, DigiCentral virtual cardholders will receive a 16-digit card number, security code, and expiry date, to ensure they can complete a purchase online
The virtual card can be linked to online retail apps such as Uber, Uber Eats, Checkers 60 Sixty, and more.
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