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

Orange Business Services launches worldwide location services for Machine to Machine SIM cards

The new Machine to Machine (M2M) worldwide geolocation offering from Orange Business Services provides real-time location tracking of corporate assets and equipment anywhere in the world via cellular networks, regardless of the operator. Read More

Solarcentury to build the largest carport solar system in Africa

Solarcentury is to design and construct Africa’s largest solar carport on the uppermost storey of a car park at Garden City Mall, part of the new 32-acre integrated residential, retail park, hotel and office development on Nairobi’s Thika Superhighway.   Read More

Pamoja, the platform of choice for DHL

RUBiQ, a Cloud solution that is run on Cloud platform infrastructure from leading Cloud services company Pamoja, has served as the platform of choice to expand DHL’s global back office systems. Preliminary testing has revealed that the project has been successful. Read More

PayPal announces collaboration with PayGate in South Africa

With the announcement of a partnership between PayPal and local payment service provider PayGate, it is now easier than ever for merchants to accept online payments in South Africa. Read More

World’s first biocompatible and non-toxic technology for antibacterial plastic

Parx Plastics is launching its first ready to use Saniconcentrates™ for manufacturers in Europe and the US to safely create self-sanitizing products with an antibacterial property of up to 99% within 24 hours. Read More

Gemalto unveils hub service to accelerate mobile payment and other secure services

Gemalto, a world leader in digital security, has introduced its Allynis Trusted Services Hub, a turnkey business service that enables financial institutions, enterprises, transport operators and more generally all digital service providers to benefit from a single connection in order to securely deploy their value-added and mobile payment services across ... Read More

Orange Business Services wins satellite contract with BW Offshore

BW Offshore has signed a 5-year, $12 million contract with Orange Business Service for an end-to-end satellite communication solution for its fleet of highly-specialised oil and gas production vessels. Read More

Q-KON connectivity solution for Africa’s Point of Sale headache

South African telecommunications engineering firm Q-KON, has demonstrated the advantages of using the StarLight Satellite Access Service to deliver reliable connectivity for Point-of-Sale applications and to provide support to service providers who need to address issues that hamper connectivity for PoS devices across Africa.   Read More

Rapid Response launched with Pamoja Cloud service

Rapid Response, an award winning mobile emergency application, is now available to South African mobile-users, providing a fast link to help at hand when they need it most.   Read More

MTN App of the Year: Zapper zaps Best Microsoft app, wins Consumer Choice Award

Already taking the restaurant business by storm across South Africa, Europe and beyond, secure payment app Zapper has notched up two wins at MTN’s App of the Year competition.  Read More

PRESS OFFICES

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

FEATURED STORY

MFarmer SMS redefines market access for Ugandan farmersMFarmer SMS redefines market access for Ugandan farmers

Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. 

IN DEPTH

NIG President speaks his mindNIG President speaks his mind

Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.