As with any debit card facility, the ZunguZ debit card can be used to withdraw funds from an ATM or be used to purchase goods.
Management believes the offering is expected to reinforce ZunguZ’s value proposition within the prepaid and financial market, and a step forward in plans to capitalise on both on-and offline banking markets. The inherent value is the social attributes that are delivered to the pre-paid cards via the patent pending algorithms that are built into the ZunguZ platform. The deep integration into the social graph, will bridge shopping habits of people and turn a merchants best customers into its brand ambassadors, through various mechanisms, one of these being a social loyalty platform.
It is an offering that speaks to the growing convergence of social media and banking processes and procedures.
Experts within the ICT space have stated that social networking will be the game changer for banks going forward.
According to media reports, internationally recognised prepaid industry representative organisation, the Global Prepaid Exchange, has pitched the South African prepaid-card market at approximately R29 billion.
It is an industry driven by two clear ‘pushes’, the one being a versatile, cost-effective mechanism to accommodate un-banked consumers – and the other, a vehicle for banks and financial institutions to widen their service offering and expand their brand into previously untapped markets says Robert Sussman, a leading South African high tech and high impact serial entrepreneur and joint CEO of ZunguZ.
“The prepaid card concept is established internationally and the industry continues to grow exponentially. One of the reasons is because it meets an immediate need – people that must take control over their finances, but do not want the additional burden of charges associated with accounts,” says Sussman.
At the same time the prepaid business model lends itself to a number of applications – including serving as vouchers and even payroll cards for large companies and enterprises.
ZunguZ is positioned to add value as the facilitator and service provider linking the consumer with the finance institution leveraging off social networks and social media.
It is already affiliated to financial institutions and negotiations are in place to partner with other financial institutions to expand and rollout enhanced banking services to clients.