ZunguZ cloud platform offers 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."

Facebook friends can transfer money

Although the platform has the technology to allow for international money transfer (IMT), ZunguZ has blocked this facility temporarily until money transfer licences (MTL) 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.

"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."

Retailers are the first to benefit

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. "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.