By Gugu Lourie
South Africa’s tech firm ZAZOO’s mobile virtual card is to be used by BitX, a leading universal Bitcoin platform that will make it possible for Bitcoin users to spend their crypto-currency online or in-app.
ZAZOO announced on Thursday that it has signed an exclusive deal with BitX.
“We are very excited to be working with BitX as crypto-currencies are starting to gain prominence worldwide, and are positioned to be one of the next big things in the fin-tech space,” says Philip Belamant, Managing Director of ZAZOO.
BitX was founded in 2013 and is headquartered in Singapore with offices in Cape Town and Jakarta. The company aims to make money frictionless and universally accessible by building an open, intelligent global platform that leverages the most optimal technologies available, including Bitcoin and the blockchain
Belamant adds: “This collaboration eliminates the current challenge experienced by these new currencies, namely that of interoperability with the existing financial system, by providing a seamless gateway between crypto-currencies and traditional payment channels, resulting in the immediate and pervasive acceptance of Bitcoins as a payment currency in the online world. This collaboration will enable BitX and VCpay users to now spend Bitcoins agnostically, anywhere online and anywhere in the world, without any changes to the existing acquiring or switching infrastructures.”
ZAZOO believes its mobile virtual card (MVC) cannot be cloned or compromised. The company defines this as “the beauty” of their new app.
Its VCpay app generates MVCs offline, making it a matchless platform. A cardholder generates an 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 back-end systems.
With an MVC card, which is endorsed by MasterCard and Visa in different regions, network coverage or signal is not an issue as the transaction can be completed offline.
As part of the safety of the app, the MVC expires immediately after the transaction.
“We believe that BitX is an ideal partner for our technology as it is a rising star in the crypto-currency field, and supported by astute investors such as Naspers,” says Belamant.
Bitcoin is a decentralised digital commodity that provides an alternative to transacting with traditional currencies. Bitcoin is like digital cash, and can be transferred from person to person or from a person to a business, instantly, securely and irreversibly, without going via a processing house.
“The gap between the speculative trade in digital currency and users’ ability to trade the currency for any item that they choose is closing, with VCpa as a critical enabler in this transition,” Marcus Swanepoel, Chief Executive Officer of BitX said.
Users can buy and sell Bitcoin from Bitcoin platforms like BitX, using traditional currencies, and they can use the crypto-currency to buy a select range of goods and services online and offline.
The deal between VCpay and BitX will make it possible for Bitcoin users to integrate the various virtual worlds in which they operate in order for them to gain tangible benefits.
Who is BitX
For example, an MMO (Massively Multiplayer Online) gamer will be able to sell materials within the game in exchange for Bitcoins and will then be able to generate a VCpayMVC to pay for his UBER ride. Alternatively, he could speculate in Bitcoins on BitX and convert his balance or gains into a VCpay MVC to spend anywhere online.
“We look forward to rolling out this technology over the coming months, and whilst users will be able to spend their Bitcoin funded virtual card anywhere in the world, the initial target markets include Europe, Singapore, Philippines, South Africa, Nigeria, Kenya, Malaysia and Indonesia” says Belamant.