ZunguZ ‘more secure than credit cards’
INTERNETBy BiztechAfrica - Aug. 10, 2012, 10:36 a.m.
The new African-born facebook payment app, ZunguZ, will be more secure than credit cards for online payment, say its creators.
With its patented algorithms to confirm social networking identity in milliseconds, ZunguZ, described as the world’s first facebook payment app, promises to be more secure than credit cards, says ZunguZ co-founder Rob Sussman.
ZunguZ founders Robert Sussman and Lance Fanaroff have now officially launched the payment platform, following a Beta phase that started at the end of 2011.
The platform allows facebook users to buy goods from social media stores or transfer money to their facebook friends, securely and at no charge. The built-in security includes user authentication and a pin code sent to a user’s phone. The biggest benefit of the system is that it operates within facebook, allowing users to buy or send money without having to leave the network.
This is a first, he says, and has become necessary as merchants start taking their stores into the social media realm. Sussman says the tool will allow for instant buying on the social networking site, without having to leave the page or use a credit card.
Sussman explains that the funds being transferred will be held in a ZunguZ account, so the platform does not need to link to a user’s bank account during the payment process. Currently the service allows users to buy goods online and transfer money to recipients within South Africa. A ZunguZ card now coming to market will allow recipients to shop anywhere with the money they have been sent.
Expanding the transfer service across borders is more complex, but talks are underway to expand this service soon, says Sussman. “We are working with cross border payment firm Earthport and Mastercard Mexico on international money transfers. We hope to go live with these in the first half of next year,” he says.
Although the service is new, it is already seeing strong uptake says Sussman. “It’s going particularly well internationally,” he says. “We are aiming to have 15 million users within the next three years.”
The uses for the payment platform are endless, Sussman points out. ZunguZ is particularly useful for the purchase of airtime or data bundles, or for redeeming loyalty points. “There’s a massive roadmap for where we are going,” he says.
ZunguZ can be activated here www.facebookpayments.co.za
MORE INTERNET NEWS
Virtualisation ‘frees up innovation budget’Virtualisation allows for the ICT budget to shift its focus from maintenance to innovation – a benefit that is resonating with CIOs across the continent, says Ravi Bhat, VMWare’s new Regional Director for Sub-Saharan Africa. Read More
Safaricom revamps site for the visually impairedSafaricom has launched a revamped corporate website that will be fully accessible to Visually Impaired Persons. Read More
SEACOM partners with Akamai TechnologiesSEACOM has announced a new partnership with cloud service provider Akamai Technologies, and is deploying Akamai content clusters and caching nodes on its Pan-African IP network footprint. Read More
Online nutrition calculator aims to boost kids’ healthNestlé Kenya, through its MILO brand, has unveiled a web based nutrition calculator to help foster healthy nutrition among kids. Read More
Mozambique joins Alliance for Affordable InternetMozambique has become the first SADC country to join A4AI, and the third developing country to sign an MOU with the Alliance, joining Nigeria and Ghana. Read More
Intelsat managed broadband service for VodacomIntelsat is to provide a managed broadband service to Vodacom in sub-Saharan Africa. Read More
ICANN, ZACR sign landmark dotAfrica agreementThe May 2014 commercial launch of dotAfrica is now a fait accompli with the signing of the final outstanding paperwork today. Read More
ITU: Broadband can solve global development gapBroadband must be recognised as the vital development enabler in post-2015 UN Sustainable Development framework, says a Dublin meeting of the UN Broadband Commission. Read More
UBA Kenya Bank mulls listing, launches virtual savingsUBA Kenya Bank has announced in launching its virtual savings account that it is considering listing on the Nairobi Stock Exchange. Read More
FEATURED STORYKenyan shift to Green Economy would generate USD 45bn by 2030
Kenya’s transition to a green economy could produce major economic benefits equivalent to an estimated USD 45 billion by 2030, a new study shows.
BEST READ NEWS
IN DEPTHE-waste threatens Ghana’s beaches
Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.