ZunguZ offers one-click Facebook payment functionality for all

ZunguZ, the multi-tiered platform that facilitates micro-payments between users on social networks, has signalled the beginning of its second tier of development with the introduction of the Z button one-click automatic payment functionality.

Following an extensive proof of concept evaluation and conclusion of a closed beta trial, ZunguZ was launched and the first tier of the offering – a Facebook friend-to-friends money transfer platform – is available to ZunguZ users.

Now local entrepreneurs Rob Sussman and Lance Fanaroff have put into motion the system’s intelligence with the launch of the initial component of the second tier – namely a customisable payment request button that any user can build and instantly publish to their Facebook wall.

Management at ZunguZ have ensured that the functionality is simple enough for anyone to use – there is no need for any prior experience or level of skill in terms of applications, coding or technology development.

A Facebook user, who has activated ZunguZ inside the worlds largest social network, follows the basic instructions to create a button. There are several options available to users including a charity-drive link/ sponsorship button and a ‘payment request’ button.

The benefit of this button is that it has the capacity to instantly share information between all linked users – both privately and publicly.

This means that the user can create a button and select the option to share details with some- or all linked users. Payments can be initiated and transactions completed over a secure connection and all monies are deposited into a user’s existing bank account facilities within South African banks.

The Z-button is meant for micro-payments only as these are amounts that a user would feel comfortable asking others to match or give.

At no point does ZunguZ come into direct contact with monies, it simply facilitates the payment for the users.

The Z-button feature also allows users to track the progress of payments, to control and regulate what is paid by whom and when.  

Although the feature is hugely attractive to social investment or social awareness initiatives, it can be used for personalised gift giving between users and Facebook friends.

Sussman and Fanaroff believe the feature adds significant value as the first cost-free, secure one-click social payment facility that anyone, irrespective of skill level, can use.

“It is particularly significant given the rapid growth within the Facebook payment and credit space. One recent statistic is that Facebook payments alone generate as much as five hundred and fifty seven million Dollars within the global economy. Clearly there is a need to bring the consumer into the convergence of mobility, social networking and banking,” says Sussman.

Via Facebook, the social network giant’s founder and CEO Mark Zuckerberg, has referred to huge growth within global social network payment market and the company has stated that it may extend the use of payments to other types of apps. There is also reference to the opportunity to increase payments volumes and possibly include new payment methods.


ZunguZ can be activated through www.facebookpayments.co.za



www.zunguz.com

This article was originally posted on Africa ICT & Telecom Network

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