South African payment firm Ozow has launched Ozow PIN to empower users to tokenize payment and make any repeat purchases with the simple entry of a 4-digit PIN.
Ozow says Ozow PIN is already aggressively taking the lion’s share of the cash, card, and alternative payment options market by empowering users to transact anytime, anywhere online, or at point of sale, without the need for an app or registration.
According to Ozow CEO and co-founder, Thomas Pays, “As a market led company Ozow’s success has grown to see them capturing an entire market (representing over 70% of the instant EFT market in South Africa), from the heart of underprivileged townships and rural areas to the highest LSM. Users all note that the payment platform is a better, safer, and easier alternative to cards or a manual EFT payment”.
There are over 49 million bank accounts in South Africa alone – users just need a convenient way to pay from them. This is where Ozow’s secure online payments platform is leading payment innovation.
“Consumers, merchants, and banks in South Africa and Namibia now recognize Ozow as the quick and trusted way to make payments,” says Pays. “As most people in the region go online mainly through their mobile devices (the same rings true for the rest of Africa) – and often pre-pay for airtime/data – transaction speed is essential. We commit to enabling payments in a few seconds.”
“As a market leading payments company in Africa, we have put the needs of our clients first, resulting in an increase of over 50% in recurring payments since the introduction of this new technology,’’ says Pays. Ozow can also be used for e-billing in partnership with SAGE and Xero, SMS payments via all major networks, and QR codes. The service is becoming available in five of South Africa’s 11 official languages, with plans to add the other languages in the coming months.
From the merchant’s perspective, Ozow acts as an additional layer of security to that of the existing banking infrastructure, keeping all transactions ultra-safe at all times and providing an environment that has proven to be safer than any other payment mechanism. Once a payment has been confirmed, it is irrevocable, using a real-time digital instruction issued by the owner of the source account.
Ozow was founded in 2014 by Mitchan Adams and Lyle Eckstein (both South African) together with CEO Thomas Pays, a Frenchman who has lived in South Africa for more than 16 years.
The Open Banking platform has seen startling growth of the business over the past 6 years and in April last year introduced a “0% fees’’ campaign for NPO/NGO’s as well as SME’s, by passing value on to entrepreneurs saving millions for customers.
“Our approach is completely open, and we want to partner with banks and other payments providers in each of the markets we enter,” he says. “We’ve taken the time to make sure our tech is ready for scalability, and we believe that moment has now arrived.”