Facebook payment app ZunguZ is working on what it says is a more secure online payment card than credit cards.
Robert Sussman told HumanIPO that the ZunguZ card soon to be launched in the African market will be more secure than credit cards and will allow cashless transactions by the cardholders anywhere they go.
As people increasingly spend their time on social networks, Sussman says businesses are also opening virtual shops on the sites.
The Zunguz platform and the card to be launched in less than six months will help link buyers and traders benefit from the convenience of buying from their phones or homes as they stay connected with their friends and families on social networks.
Zunguz patented algorithms show one’s identity on the social network quickly and ensure safety during transactions. The platform in addition has built-in user authentication and a secure pin code, which is sent to a user’s phone upon signing up and during transaction.
Users can make a purchase on Facebook or transfer money to their friends and families connected on Facebook, as well as purchase airtime or data bundles using the platform.
The ZunguZ platform holds the cash sent as a gift or transaction without linking to one’s bank account. Zunguz is working to expand across the continent although it is currently active for users in South Africa.
Sussman says Zunguz is working with Earthport and Mastercard Mexico to launch their trade on an international level before mid next year, and aims to have over 14 million users in three years.
The cards will be available before the end of this year.
Robert Sussman and Lance Fanaroff officially launched the Facebook payment platform in late 2011. To activate ZunguZ account, visit Facebookpayments.co.za
