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
New solution to beat identity theftIdeco is launching its new all-in-one mobile biometrics unit in South Africa. The Biometric Identity Management System (BIMS) enables biometric identification across a range of modalities, from fingerprint through to iris scanning. Read More
Cellphones to improve healthcare access and quality in AfricaMaking use of VMware technologies, Medic Mobile has developed a software kit to be used in almost any kind of environment, support any language, and work with or without Internet connectivity, locally or in the cloud Read More
Safaricom uses Nokia CEM on DemandSafaricom, the largest integrated telecommunication service provider in East Africa, is improving services for more than 25 million subscribers in Kenya, thanks to Nokia's Customer Experience Management on Demand. Read More
Standard Bank digital innovation delivers single biometric and cross border banking accessibilityAfrica’s largest bank by assets, Standard Bank, has seen its mobile traffic growing 100% a year as customers embrace more convenient and efficient solutions for their banking needs. Read More
Telco Systems Rolls Out New 10GE High Capacity Carrier Ethernet Network for KENET in KenyaTelco Systems, the leading provider of innovative CE 2.0, MPLS, IP and SDN & NFV solutions, has announced that the company has successfully deployed a new 10GE high capacity carrier Ethernet network for the Kenya Education Network (KENET) in Kenya. Read More
GeoPoll, Kantar Media, Cuende announce first Pan-African Out of Home measurement productGlobal leaders in audience research use satellite imagery and mobile survey data to measure OOH reach in Africa. Read More
BICS blocks over 10m fraudulent call attempts with FraudGuard in 2016BICS, a global wholesale carrier for voice, mobile data and capacity services says its crowdsourcing fraud prevention platform, FraudGuard, detected and blocked more than 10 million fraudulent call attempts on its customers’ networks during the first quarter of 2016. Read More
Samsung elevates Mobile Phone picture quality with new image sensorSamsung Electronics South Africa, a world leader in advanced semiconductor technology, announced its newest 12 megapixel (Mp) image sensor for smartphones, which will elevate the quality of mobile phone pictures. Read More
R&M and FNT Collaborate to Launch Comprehensive Solution for Data Centre Cable Management in MEAReichle & De-Massari (R&M) and FNT Software have unveiled their joint solution for data centre cable management. Read More
Airtel Ghana educated media on data bundles and notificationsAirtel has held a sensitization workshop for representatives from leading media houses to educate them on Airtel’s data bundles and notification systems in place to alert customers when their data bundles are getting exhausted. Read More
FEATURED STORYFirst-ever Africa Barclays Accelerator programme concludes
Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.
BEST READ NEWS
IN DEPTHEthical Hacking students can’t get a heck of a job
Botswana ethical hacking students report that they are failing to break into the local job market.
COMPANY NEWSSage Announces the Launch of Sage 50 Accounting in East and West Africa
Sage 50 Accounting Africa edition is a full business management solution for Small and Medium Businesses.