Facebook follows ZunguZ into real currency

June 28, 2012 - PRLog -- Consumers are more interested in using technology to facilitate payments and avoid the difficulties associated with traditional banking processes. In particular they want their own currency, not credits or virtual currency. The advent of social media and social websites has helped give rise to the social graph, allowing consumers the opportunity to transact and manage accounts across secure, always-on’ platforms.

The social graph and growth of services like Facebook has opened up a significant and sustainable banking market claim the management behind the multi-tier, micro-payment and banking enablement transaction platform, ZunguZ.

At a time when speculation over the rollout of Facebook banking services is rife, ZunguZ has emerged as a credible offering that meets the banking requirements of its customers.

People want a secure platform through which primary and secondary levels of account management and transactions can be actioned. They want to be a part of a system that has the built-in capacity to serve as a “universal wallet”.

ZunguZ has emerged exactly the same time as Facebook’s profile as a vehicle for ecommerce is gaining impetus, more specifically its intention to link credit cards and profiles.

Robert Sussman, joint CEO of ZunguZ, says the company is ahead of the curve as credit, points and vouchers make way for online currency via the virtual environment.

With the evolution of banking, opportunity for social to penetrate new markets and the uptake of smartphones in emerging markets, the power to transact securely from anywhere to anyone is now in the hands of the consumer, irrespective of their technical competence or skill level.

“The role of media has changed.  Social media has provided the “man on the street” with all the technology and tools required to broadcast.  Access to these services was previously only affordable to large enterprise companies. Today, anyone with a cellphone (preferably a smart phone) has access to reach the same base in the same time, and distribute their news and photographs,” says Sussman.

“The control of viral distribution by the media, once a picture or news article has been shared, is virtually impossible. Social media has allowed for people to not only connect and share information with people that they care about, but to also start a revolution about something that they feel strongly about.  The social media portals, unlike an old-school media house, do not control the media,” he adds.

Companies like Facebook and Twitter own a platform and have no information until its users populate the platform with information that can be indexed and searched by its community.

Sussman says that ZunguZ is closely engaged with leading payment providers on a host of partnerships and other private interactions, which will be announced to the market at a later date.

“This is where ZunguZ, with its custom-built functionality and foundation intelligence, adds measurable value to the financial graph. It has been an idea for most people – now it’s a reality for everyone,” he says.