A Facebook Credit Card: Social Banking is happening in SA

Its hard for us to imagine a future where salaries will be paid into a “Facebook Account”  as everything is accessible via the social network so why use a bank account. All payment are made to people that are on the system and good are purchased in the online shop and delivered – all paid out of our Facebook account.

Its hard to imagine, but this is exactly what is starting to happen.

Do you ZunguZ ?

Payment system inside Facebook

Chances are you haven’t heard of it…well not yet anyways. But that will change if Robert Sussman and Lance Fanaroff have anything to do with it.

They are the founders of a payment platform that allows users to buy good or transfer money to/ from their Facebook friends, securely and at no charge. As an extension of the system, within 6 month there is a plan to launch the world’s first Facebook branded Visa debit card in South Africa.

The system works on a patented algorithms that confirms the social networking identity in milliseconds and includes built-in security such as user authentication and a pin code sent to a user’s phone. The system operates within Facebook, allowing users to buy or send money without having to leave the network.

On the back-end, all money will be held in ZunguZ account which means that there is no link to a user’s bank account (as with the FNB Social Banking app).

Any user wanting to send money has to enter their bank account details, while those looking to just receive money simply sign up to the app.

Interesting to see what effect these types of system will effect Bitcoin (http://bitcoin.org/) which is the first peer-to-peer digital currency that allows you to pay anyone anywhere in the world. Bitcoin also doesn’t have a central authority and so your privacy is secure.

One thing is for sure: its all going virtual, so hold onto your wallets and this thing called cash – as these are on their way out…

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

More info: zunguz.com

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