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

comments powered by Disqus

MORE INTERNET NEWS

Mobile internet “greatly improved” lives of 63% of Africans

Sixty-three per cent of mobile internet users in Kenya, Nigeria and South Africa have said their lives have been “greatly improved” by being able to access internet via their mobiles, compared to 41 per cent in the United Kingdom (UK). Read More

SAPIS launches virtual event platform to empower real estate professionals

SAPIS, the Sub-Saharan Africa Property Investment Summit, has launched a platform for virtual events to enable Africa’s real estate sector to communicate and participate with ease.  Read More

Fibre optic: Congo-Brazzaville releases evaluation report

The Republic of Congo has released an evaluation report on its fibre optic networks, showing that the country has already completed 53 of the 66 projects to be implemented as part of the country's Central African Backbone. Read More

Agents jostle to join Glo Xchange

The number of mobile money agents around the country has continued to swell as the Glo Xchange train moved to in Imo, Benue, Niger, Plateau and Kogi over the weekend. Read More

Samsung Electronics sets 5G speed record

Samsung has announced that it has achieved an industry best 7.5Gbps speed record and the first-ever, uninterrupted 1.2 Gbps 5G connection while travelling 100km/h. Read More

Malawi’s online job search engine acquires SSL Certificate

Malawi’s first ever online job search engine, has joined the elite in the business by acquiring an Extended Validated SSL Certificate. Read More

New life in Gabon as country hits broadband highway

The Central African nation of Gabon is about to start speeding into the highway of broadband in a bid to deliver its people from slow, expensive and inconsistent internet. Read More

Alcatel-Lucent, MTN Nigeria to deploy ultra-broadband 100G fibre-optic data network

Alcatel-Lucent is opening up Africa’s most populous nation to the benefits of ultra-broadband connectivity by launching a superfast, 100 gigabit-per-second fibre-optic network with MTN Nigeria.  Read More

MainOne partners with Lagos Garage

MainOne has signed a deal with Lagos Garage, ensuring that the 440.ng startups will have all the high-speed internet they need to build and ship their products.  Read More

Accenture, Alcatel-Lucent collaborate on ultra-broadband opportunities

Accenture and Alcatel-Lucent have formed a strategic alliance to help communications service providers and large enterprises implement integrated ultra-broadband solutions to address the challenges of rising costs and increased data consumption. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Growing African focus on data securityGrowing African focus on data security

Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.

IN DEPTH

Africa lags on digital migration Africa 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.