ZunguZ launches social media debit card
INDUSTRY| Sept. 25, 2012, 11:23 a.m.
ZunguZ, a new, SA-born global multi-tier mobile payment platform, has started rolling out a debit card.
ZunguZ is a payment platform integrated into Facebook and provides technology to help banks migrate onto the social graph.
As with any debit card facility, the new ZunguZ debit card can be used to withdraw funds from an ATM or be used to purchase goods.
ZunguZ management believes the offering is expected to reinforce ZunguZ’s value proposition within the prepaid and financial market, and a step forward in plans to capitalise on both on-and offline banking markets. The inherent value is the social attributes that are delivered to the pre-paid cards via the patent pending algorithms that are built into the ZunguZ platform. The deep integration into the social graph, will bridge shopping habits of people and turn a merchants best customers into its brand ambassadors, through various mechanisms, one of these being a social loyalty platform.
The prepaid industry is driven by two clear ‘pushes’, the one being a versatile, cost-effective mechanism to accommodate un-banked consumers – and the other, a vehicle for banks and financial institutions to widen their service offering and expand their brand into previously untapped markets, says Robert Sussman, a leading South African high tech and high impact serial entrepreneur and joint CEO of ZunguZ.
“The prepaid card concept is established internationally and the industry continues to grow exponentially. One of the reasons is because it meets an immediate need – people that must take control over their finances, but do not want the additional burden of charges associated with accounts,” says Sussman.
At the same time the prepaid business model lends itself to a number of applications – including serving as vouchers and even payroll cards for large companies and enterprises.
ZunguZ is already affiliated to financial institutions and negotiations are in place to partner with other financial institutions to expand and rollout enhanced banking services to clients.
MORE INDUSTRY NEWS
Uber, Kalahari collaborate on SA Christmas deliveriesUber, the mobile app that connects riders with drivers, is partnering with SA online store, Kalahari.com, to make Christmas shopping even easier in Cape Town, South Africa, this festive season. Read More
Westcon Group expands African relationship with Juniper NetworksWestcon Group, the leading value-added global distributor of security, unified communications, network infrastructure and data centre solutions, has announced the company has signed an expanded distribution agreement with Juniper Networks. Read More
Playing in the top right quadrant: Networks Unlimited marks 20 years in businessFrom guiding SA enterprises through the early days of networking, to fielding a ‘top right quadrant’ portfolio addressing all the current ICT buzzwords, Networks Unlimited has made its first 20 years a true SA success story. Read More
3i Infotech, BDO East Africa showcase Anti-Money Laundering Solution3i Infotech, a leading provider of IT products and services for manufacturing, retail distribution, banking, financial services and insurance, in association with BDO East Africa, organized an event aimed at creating awareness on the impact of non-adherence to Anti-Money Laundering regulatory laws and to enhance efforts towards establishing a risk ... Read More
Philips ushers in new era of imaging with first-ever digital broadband MRI systemPhilips East Africa and the Diagnostic Imaging Department at Karen Hospital recently inaugurated the Philips Ingenia 3.0T MRI - the first-ever digital broadband magnetic resonance imaging (MRI) solution. Read More
Business Connexion Partners with Kentico to offer Content Management SolutionBusiness Connexion (BCX) today announced it has entered a partnership with Kentico Software, the Web Content and Customer Experience Management provider, to provide customers with leading content management systems developed using the Microsoft Technology stack. Read More
CA Technologies introduces the Management CloudCA Southern Africa has revealed that at the recently held WORLD ’14, CA Technologies introduced the Management Cloud – a broad portfolio of easy-to-use CA applications, delivered from the cloud, that enable customers to make the right portfolio decisions, deliver exceptional service experience and empower the modern, mobile workforce. Read More
Palladium leads the charge for accountantsPalladium Software has partnered with the Southern African Institute of Business Accountants (SAIBA) and will now offer its clients and business partners one year's free membership with the Institute. Read More
Wallettec brings mobile payment solutions to businessFor the first time in Africa, it is possible for businesses to process mobile payment transactions at any Point of Sale and allow mobile money users to pay with their digital or crypto currency not only online but bricks and mortar as well, thanks to Wallettec. Read More
FEATURED STORYPWC: Optimism abounds but a bumpy journey ahead for some
PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.