By Gugu Lourie
Zazoo, a new division of the JSE and Nasdaq-listed company Net1 UEPS Technologies Inc, has teamed up with UBER, the innovative smartphone technology that connects riders with drivers, in SA.
Zazoo’s VCpayTM mobile application enables people who do not own credit cards to create virtual MasterCards that can be used to pay for the UBER service.
VCpayTM is a mobile application that utilizes Net1’s patented Mobile Virtual Card (“MVC”) technology, which enables mobile devices to generate virtual MasterCard payment cards completely offline and without access to a mobile phone network. Users can activate VCpayTM by following a simple over-the-air registration process and linking the application to any number of funding options, from credit cards, to EFTs, to direct top-ups, cash and more.
The application allows users to generate anonymous, transaction specific virtual MasterCards that can be used for online purchases, or in brick-and-mortar retailers that accept manual Card Not Present (“CNP”) payments – and now they can use it to register and pay for trips on the UBER application.
“Though mobile users and e-commerce adoption is rising in South Africa, there is still a large number of South Africans who do not have access to a credit card to enable them to make online and in-app purchases. Younger people, such as students, are a part of this demographic. We are excited to partner with UBER to introduce our products to this group. The uptake out of our first activation at WITS University has been hugely encouraging and we are planning more events where we will team with UBER to bring our products directly to our clients,” says Philip Belamant, Managing Director of ZAZOO.
“Uber is excited to be partnering with ZAZOO and VCpayTM. Their system complements UBER seamlessly and it opens up our technology to a new group of clients, who without a credit card or debit card would not otherwise have been able to use UBER,” says Alon Lits, General Manager of UBER Johannesburg. “This partnership makes UBER more accessible than ever before.”
VCpayTM is the first solution of its kind in South Africa as it is truly interoperable and does not require merchants to change the way in which payments are accepted online or via mobile applications like UBER. It bridges the electronic payment requirement gap for online or in-application payments by providing an immediate, safe and secure payment solution to anybody, regardless of their banking status.
Zazoo believes that its VCpay card cannot be cloned or compromised. A cardholder generates a MVC offline and no one else can access it until the transaction is complete. The offline capability prevents card skimmers from accessing card details through conventional backend systems.
With an MVC network, coverage or signal is not an issue as the process of creating a card can be completed offline. As part of the safety of the app, the MVC card can be configured to expire immediately after the transaction. This banking suite operates on any type of mobile device and allows for a multitude of funding options and payment services.