ZunguZ - zero Mastercard and Visa Merchant fees for the consumer and retailer
INDUSTRY| Sept. 14, 2012, 9:41 a.m.
ZunguZ, a multi-tier cloud platform that brings together social networks, financial service providers and banking institutions to facilitate micro-payments, now offers consumers and merchants the convenience of cost-free online transactions.
Entrepreneurs Robert Sussman and Lance Fanaroff have entrenched the offering at the forefront of the rapidly growing global mobile banking and mobile payment technology market.
“Differentiation and credibility are obviously critical components to any serious offering within this space,” explains Sussman. “In addition to ensuring a social engagement platform that has been built from the bottom up placing people at the centre of purchases, with advanced intelligence built into the architecture and stringent security, we have focused on simplicity and zero cost-to-consumer and merchant.”
Although the platform has the technology to allow for International Money Transfer (IMT), ZunguZ has blocked this facility temporarily until MTL (Money Transfer Licences) partnerships have been concluded.
Anyone on Facebook’s 955 million and growing user network can activate this facility within seconds. This account can be used to transfer money in any currency between Facebook friends using Visa or Mastercard or debit pull and pay any merchant that has integrated into the ZunguZ API without exposing their bank account details to Facebook or the Internet at large.
It is the convenience of using the immediacy and pervasive strength of social networking to manage accounts and do so at no charge that makes the ZunguZ offering attractive.
“There is no charge for opening and activating the ZunguZ account, no monthly cost at all for the account nor is there any cost to transferring funds or processing statements,” says Sussman. “This represents a massive savings to the consumer, who, given the continuous rise in living costs, is always under pressure.”
Value to the retail market
Retailers are amongst the first in line to benefit from the offering. The ZunguZ platform offers a zero-cost to transaction facility which means that any retailer or merchant linked to the platform can facilitate transactions via a Visa or Mastercard credit or debit card and will not be charged.
Aside from the cost saving aspect, the additional benefit is that retailers can offer their customers a hassle-free and secure channel through which to pay for goods says Sussman.
“We are working closely with financial institutions and global banks where we already have partnerships established to ensure that retailers benefit and are in a position to transfer the benefit to the consumer,” he continues.
ZunguZ was devised with the idea to add value to the virtual trading and e-commerce space.
According to Sussman, one of the core objectives behind the offering was to serve as a cost-effective mechanism through which to trade.
The ‘payment via Facebook’ space is growing rapidly and now is the time for local application of solution and investment he says.
“A recent media report referred to a filing with the Securities and Exchange Commission as stating that last year fifteen million users paid for virtual goods on Facebook, which equated to $557 million.”
ZunguZ management emphasise the offering’s built-in capacity to potentially influence over 955 million users worldwide. This positioning, in addition to the offering’s early advantage in being one of the first Facebook apps to be available within the Facebook app store, truly empowers consumers and retailers.
MORE INDUSTRY NEWS
iWayAfrica Zimbabwe achieves Cisco Certified Partner StatusiWayAfrica Zimbabwe, a Gondwana International Network (GIN) company has been awarded its Cisco Select Certified Partner status. Read More
GSMA case study: Nomanini enables rapid, reliable prepaid retail in informal marketsA new case study from GSMA has highlighted the Nomanini mobile point of sale terminal and cloud-based distribution platform. Read More
Citrix, Google enhance enterprise security and management of Android devicesXenMobile Supports Android for Work; Extends Citrix Leadership in Secure Mobile Workspace Solutions for the Broadest Array of Devices. Read More
Make life easier for your customers with recurring paymentsMerchants should implement recurring payments within their businesses to improve their own cash flow and reduce costs, but automatic billing can also help build customer loyalty through the added convenience. Read More
Accelya Solution to help Air Namibia to manage costs and profitabilityAir Namibia expands relationship with Accelya; selects cost management and flight profitability solutions. Read More
Wipro Invests R3.8 million in skills development, job creation in SAWipro Ltd, a leading global information technology, consulting and business process services company, has announced an investment of R3.8 million towards skills development and job creation in South Africa. Read More
Airtel Niger selects Ericsson for 3G network deploymentAirtel, Niger’s leading mobile service provider has named Ericsson as their exclusive 3G HSPA end-to-end hardware, software and related service vendor in Niger Republic. Read More
Orange Mali upgrades WiMAX infrastructureOrange Mali recently selected Alepo to enhance its WiMAX core infrastructure via Alepo’s high-performance AAA infrastructure. Read More
CommVault, Crayon partner to bring data management software to EMEA cloud service providersCommVault has announced that its data management platform would be available via EMEA cloud hosting partners through a new strategic aggregator partnership with Crayon, a global leader in service provider licensing, management and consultancy. Read More
Printronix announces partnership with Talk TechnologyPrintronix, a leading manufacturer of line printing solutions has signed an African distribution partnership for Africa with IT distributor Talk Technology. Read More
FEATURED STORY2bn priced out of internet access
A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.