ZunguZ, a multi-tiered platform that
consolidates social networks, financial service providers and
banking institutions to enable the exchange of money, has big
ambitions: It aims to become the top provider for e-payments
services by 2015.
ZunguZ is a product by a company of the same
name (based in the US), and also has a presence in South
Africa.
Go deeper with GlobalData
Co-founder Robert Sussman told ITWeb that the
company aims to reach 15m active users within the next three years,
taking over the top spot for mobile payments in Africa from more
established services like M-PESA, Google Wallet, PayPal Wallet and
Facebook Credits.
At the end of February, reports emerged saying
that South African multi-platform integrator ZunguZ would enable
micropayments via Facebook. Facebook is moving into social payments
and ZunguZ is providing the necessary platform.
ZunguZ uses Thawte certification, SSL, HTTPS
as well as second factor authentication methods and a user’s
Facebook profile is taken as a token for identification of their
ZunguZ account, which means that a user will not need to log in to
his ZunguZ account separately.
ZunguZ offers what it calls the Z-button, with
which users can update their Facebook profile about the latest
micropayment they have made.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
Social payments
In March, skillsportal.co.za quoted co-CEO
Rober Sussman as saying:
“ZunguZ is essentially a multi-tiered platform
that has deep integration into the social graph and a host of
financial services. The first tier is live and the viral
distribution alone has been beyond our wildest dreams, with a flood
of interest coming from Australia, Canada, China, Nigeria and
USA.
“ZunguZ and Facebook do not have access to the
money. This is all handled by the banks, together with their
standard level of banking security, regulation and compliance.
ZunguZ is therefore not a bank, does not touch the money and there
is no intention of it ever becoming a bank. We work with banks to
bring their services to the social networks.”
Facebook users can send money to a person’s
bank account who will have to activate the ZunguZ application and
can then subsequently take the money out of their bank account. The
four biggest banks in South Africa, First Rand, Nedbank, Absa,
Standard Bank, support this service.
To read more about ZunguZ and micropayments, have a look
at the
VRL Micropayments Report.
