A leading fintech company, Ozow, is launching a revolutionary payment platform designed to address the challenges faced by the underbanked and unbanked population in South Africa: Ozow.ME.
The platform offers a seamless payment experience through popular messaging apps and innovative features. Fostering financial inclusion and providing access to the digital economy is the aim of the game.
"We are excited to launch Ozow.ME, a game-changer in the realm of financial inclusion in South Africa," said Thomas Pays, CEO at Ozow.
"Our mission is to provide access to the digital economy for all South Africans, enabling them to transact seamlessly, purchase essential services, and ultimately enhance their lives," he said.
RESHAPING THE WAY PAYMENTS ARE MADE IN THE DIGITAL ERA
The platform will allow users to make payments and request them through WhatsApp, QR Code, or Messenger. The recipient can choose to pay through the Ozow payment flow or opt for a direct wallet-to-wallet payment in real-time without incurring any costs.
Value-added services such as data, airtime, electricity, and Lotto tickets are also available directly through the Ozow.ME platform.
CASH
Ozow.ME will be enabled for voucher issuing, enabling users to purchase vouchers directly through the app using funds from their pocket or bank account.
Another added feature on the platform is Ozow.ME pocket: a secure digital wallet where users can store their funds and utilise various services.
Statistics reveal that a significant portion of the population in South Africa, approximately 23%, remains unbanked. This means that they do not have access to formal banking services, such as bank accounts or credit cards. The consequences of this lack of banking services are not insignificant, as it results in a staggering R23 billion in cash costs for consumers.
Furthermore, the usage of cash in the country has been on the rise, experiencing a year-on-year increase of 6%.
In light of these statistics, Ozow.ME has emerged with the aim of disrupting this pattern and fostering a transition towards digital payments. The company recognises the need for South Africans to have access to convenient and secure digital payment solutions.
The Ozow.ME pocket is a digital wallet that lets users load their pocket with funds from their bank account, send funds to other pockets at no cost, and withdraw funds from their bank account, Cash Express ATM, or Pick n Pay till. Users can also make payments using only the recipient's mobile number, eliminating the need for banking details.
Ozow.ME offers consumers the chance to experience true digital freedom, allowing them to use either their South African ID or their passport to sign up. With this inclusive approach, everyone, regardless of nationality, is able to enjoy the benefits of the app.
With Ozow.ME, the payment landscape in South Africa is set to change, opening up opportunities for participation. For more information about Ozow.ME and its innovative features, visit https://ozow.me/