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.
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