ZunguZ ‘more secure than credit cards’
INTERNET| 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
E-commerce: DRC not in race despite ICT enthusiasmDespite its recent ICT gains, DRC is still lagging on the e-commerce front, reports Issa Sikiti da Silva. Read More
Intelsat celebrates 50 yearsIntelsat today commemorates its 50th anniversary of providing critical telecommunications and video content distribution infrastructure for businesses, organizations and governments around the world. Read More
Ruckus Wireless expands presence in AfricaRuckus Wireless has appointed Westcon Africa as the newest member of its growing distributor network as part of the company’s continued expansion into Africa. Read More
MACRA calls for SADC frequency harmonisationMACRA has called on SADC member states to harmonise their activities in the region so that they continue serving their respective countries in an orderly manner. Read More
Zoom Wireless takes cheaper high speed internet to northern UgandaInternet users in Gulu are enjoying lower internet costs after Zoom Wireless, a part of SINFA Uganda LTD, began offering a range of corporate and small business and residential grade fixed wireless services in the region. Read More
DRC print media, radio looks to digitalNewspapers and radio stations in the Democratic Republic of Congo are moving online to reach wider audiences. Read More
MSTelcom extends agreement with Intelsat to expand satellite broadband services in AngolaIntelsat S.A has entered into a new, multi-year agreement with MSTelcom, who will leverage Intelsat’s satellite and network expertise to offer broadband service to consumers and corporations in Angola's oil and gas and banking sectors. Read More
Malawi to host SADC universalising broadband meetingThe Malawi government will host a workshop on Universalising Broadband in the SADC, barely two days after finishing hosting the 33rd Ordinary Session of the Administrative Council of The Pan African Postal Union (PAPU). Read More
Most DRC government ministries still have no websitesThe government of the Democratic Republic of Congo (DRC) may have inaugurated a fibre optic landing station but many of its ministries and other institutions have nothing to do with modernism and digital revolution. Read More
FEATURED STORYNigeria’s VAS providers ‘on brink of extinction’
WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.