ZunguZ - zero Mastercard and Visa Merchant fees for the consumer and retailer

INDUSTRY

|
Image: By BiztechAfrica
ZunguZ - zero Mastercard and Visa Merchant fees for the consumer and retailer

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.

 



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE INDUSTRY NEWS

Uber, Kalahari collaborate on SA Christmas deliveries

Uber, the mobile app that connects riders with drivers, is partnering with SA online store, Kalahari.com, to make Christmas shopping even easier in Cape Town, South Africa, this festive season. Read More

Westcon Group expands African relationship with Juniper Networks

Westcon Group, the leading value-added global distributor of security, unified communications, network infrastructure and data centre solutions, has announced the company has signed an expanded distribution agreement with Juniper Networks.   Read More

Playing in the top right quadrant: Networks Unlimited marks 20 years in business

From guiding SA enterprises through the early days of networking, to fielding a ‘top right quadrant’ portfolio addressing all the current ICT buzzwords, Networks Unlimited has made its first 20 years a true SA success story. Read More

3i Infotech, BDO East Africa showcase Anti-Money Laundering Solution

3i Infotech, a leading provider of IT products and services for manufacturing, retail distribution, banking, financial services and insurance, in association with BDO East Africa, organized an event aimed at creating awareness on the impact of non-adherence to Anti-Money Laundering regulatory laws and to enhance efforts towards establishing a risk ... Read More

Philips ushers in new era of imaging with first-ever digital broadband MRI system

Philips East Africa and the Diagnostic Imaging Department at Karen Hospital recently inaugurated the Philips Ingenia 3.0T MRI - the first-ever digital broadband magnetic resonance imaging (MRI) solution.  Read More

Top 5 IT trends for 2015

Riverbed outlines the top five IT trends for the coming year. Read More

Business Connexion Partners with Kentico to offer Content Management Solution

Business Connexion (BCX) today announced it has entered a partnership with Kentico Software, the Web Content and Customer Experience Management provider, to provide customers with leading content management systems developed using the Microsoft Technology stack. Read More

CA Technologies introduces the Management Cloud

CA Southern Africa has revealed that at the recently held WORLD ’14, CA Technologies introduced the Management Cloud – a broad portfolio of easy-to-use CA applications, delivered from the cloud, that enable customers to make the right portfolio decisions, deliver exceptional service experience and empower the modern, mobile workforce.    Read More

Palladium leads the charge for accountants

Palladium Software has partnered with the Southern African Institute of Business Accountants (SAIBA) and will now offer its clients and business partners one year's free membership with the Institute.  Read More

Wallettec brings mobile payment solutions to business

For the first time in Africa, it is possible for businesses to process mobile payment transactions at any Point of Sale and allow mobile money users to pay with their digital or crypto currency not only online but bricks and mortar as well, thanks to Wallettec.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

PWC: Optimism abounds but a bumpy journey ahead for somePWC: Optimism abounds but a bumpy journey ahead for some

PwC’s ‘Capital Projects & infrastructure in East Africa, Southern Africa and West Africa,’ report says infrastructure spend in the region is projected to reach $180bn per annum by 2025.

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.