South African fintech startup Ozow has launched what it is calling the “Ozow Revolution”, rolling out two new payments platforms and zero-rating data costs to ensure all South Africans can access digital payments.
Ozow, which rebranded from i-Pay in April 2019 as it zeroed in on assisting SMEs with payments, was launched in November 2014 by Thomas Pays, Mitchan Adams and Lyle Eckstein, who identified a need for an efficient and secure online payment system in the local market.
The startup, which is funded by Kalon Venture Partners, said the Ozow Revolution was its effort to make digital payments available to everyone and create greater opportunity to participate in the digital economy – especially for historically excluded communities that rely on costly and unsecure cash payments.
As the first step, the company has introduced two new online payment solutions to its platform for the South African market, Ozapp, and Ozow PIN. Ozapp is a progressive web application (PWA) that enables any customer with a bank account or e-wallet to transact without a card through a QR-code enabled payment, while Ozow PIN radically simplifies EFT payments through an easy four-step payment process that can be completed in seconds.
In a further effort at enabling greater digital inclusion, the data needed to use Ozapp is zero-rated, meaning consumers have zero data cost to make use of the app and can make payments anytime.
Pays, chief executive officer (CEO) and co-founder of Ozow, said the Ozow Revolution was driven by a healthy pipeline of new payment products that will be launched over the coming months.
“We’re only just getting started with developing new innovations that enable more South Africans to enjoy the benefits of digital payments. As a business, we will continue to find ways to drive digital inclusion until every person on the African continent can make or receive safe, convenient digital payments,” he said.