The FABCARD is an authorized MasterCard® that has all the functionality that accompanies this platform. The card is loaded by the cardholder (FABCOS Member) with cash at designated locations, via credit card or a bank transfer via the Internet.
Members withdraw money from any ATM and access funds at all MasterCard® retail outlets. The cardholder is able to manage their card via a secure on-line account and fully-functional SMS banking. A Second cardholder can be linked to the account with 1-way transactional capabilities. This means a FABCARD holder can transfer funds to another party (e.g. family) without compromising access to their account. In other words, this system only enables the second cardholder to receive and access the funds allocated by the FABCARD holder. By way of example if a FABCARD holder has a balance of R1000, any amount can be transferred e.g. R300 and the second cardholder will only have access to that amount.
FABCARDS do not require a linked bank account. The card is therefore available to the widest audience and is the most cost-effective means on moving money.
Benefits to FABCOS members
FABCARD is the first member-based programme in South Africa to have pre-paid banking functionality with the prestigious MasterCard® brand. The importance of having MasterCard® onboard as opposed to other ‘debit–card’ solutions is that MasterCard® creates a seamless point-of-sale purchase process and enjoys the widest range of supporting retailers.
Partnering with MasterCard® also places FABCARD holders at the forefront of card technology and with upcoming innovations such as the new ‘tap-and-go’ technology, FABCARD holders are be among the first to benefit.
The FABCARD constitutes an unprecedented business tool made available to FABCOS members. Not only is FABCOS presenting its members with a leading loyalty programme and business tool, FABCOS also has access to all the available statistics, including buying-habits and preferred transactional methods. Some of the amazing benefits for the FABCARD holders include:
- No standing in line to transfer money
- Full MasterCard® functionality
- Can be used 24/7 any day of the year
- No need for physical infrastructure
- No need for a credit check – Members simply need to provide their identity and proof of residence.
- The primary cardholder can instantly share funds with a secondary card, which could be a relative or dependant in any country.
- Sharing funds with secondary cardholders is possible by either SMS or the designated website.
- Both the primary and secondary cards are accepted for Point of Sale (POS) purchases and for cash withdrawals from ATMs as well as for Internet purchases and services.
- As there is no direct access from the secondary card to any of the cardholders other banking details, they are safer from the risk of fraud.