ZunguZ ‘more secure than credit cards’

INTERNET

|
Image: Rob Sussman. By BiztechAfrica
Rob Sussman

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.

The new ZunguZ cardSussman 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



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE INTERNET NEWS

MTN Business encourages transport and logistics industry to realise the impact of M2M

If embraced and implemented properly, M2M has numerous abilities to provide South African fleet managers with useful information regarding fuel usage, routing, and vehicle diagnostics, says MTN Business.     Read More

Nigeria satellite resources to boost economic growth

The Management of NigComSat says Nigeria’s satellite resources are primed to help the nation in accelerating robust ICT infrastructure to boost economic development for the country. Read More

Win for Kenyan bloggers as court quashes controversial law

Bloggers and social media users in Kenya have with sighed relief with quashing of a contentious section of law that State has been using to prosecute individuals who were mostly perceived to be critics of the establishment.  Read More

Africa-1 Consortium signs MOU

MTN Group, PCCW Global, Saudi Telecom Company (STC), Telecom Egypt (TE) and Telkom South Africa have signed an agreement on the construction of the new “Africa-1” submarine cable system. Read More

10 reasons 4G LTE makes sense for your business

Choosing mobile phones and tablets that use a 4G LTE connection will give businesses the digital clout they need to maximise productivity, says Qualcomm. Read More

ZACR responds to court ruling

ZACR says a new temporary ruling means that domain names ending with .Africa cannot be currently offered for registration by the ZACR and its Registrar partners.  Read More

Nigeria plans in-country data hosting

Maher Jarmakani, Minister Adebayo Shittu and Ayotunde Coker Nigeria’s Minister of Communications says once Nigerian data centres have enough capacity, the Nigerian government will put a stop to its data being hosted abroad. Read More

New online shopping portal open for business in Kenya

A new e-commerce website, Cartelia, is now open for business across Kenya. Read More

Kenyan Blogger arrested for allegedly sending a bank out of business

Kenyan Inspector General of Police Joseph Boinnet In a bid to tame social media negative impact on the financial sector, Kenyan Inspector General of Police Joseph Boinnet on Friday announced the arrest of blogger David Mukunzi Zawadi. Read More

Construction commences on Angola Cables' South Atlantic Cable System (SACS) by NEC

Angola Cables S.A. and NEC Corporation have announced that the contract to build the South Atlantic Cable System (SACS), the first subsea fiber optic cable system ever to connect Africa and South America in the southern hemisphere has come into force.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor Networks

FEATURED STORY

Nigeria satellite resources to boost economic growthNigeria satellite resources to boost economic growth

The Management of NigComSat says Nigeria’s satellite resources are primed to help the nation in accelerating robust ICT infrastructure to boost economic development for the country.

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.  

COMPANY NEWS

RSA research reveals blind spots in threat detection

RSA, The Security Division of EMC, has released the results of a new Threat Detection Effectiveness Survey.

Networks Unlimited event highlights SimpliVity's new Omnistack Software

Leading data protection focused distributor invites hyperconverged vendor to discuss disaster recovery and data protection.

MTN and Ericsson lead the way with first LTE-U network

To future proof its business, MTN SA, together with Ericsson, has successfully trialled LTE-Unlicensed (LTE-U) at MTN’s flagship channel store in Morningside, Johannesburg.