VCPay, a mobile application by Net I UEPS Technologies company Zazoo, has won the “Best Fintech Innovation” category at the Appsafrica Innovation 2015 awards, scooping the honours ahead of six other innovative financial services applications.
The awards attracted over 200 entries from 21 countries, across three continents.
“We’re thrilled to win the `Best Fintech Innovation’ category as we continue to pour a huge amount of time and resource into our VCpay app,” says Philip Belamant, MD of Zazoo. “Not only are we on the cutting edge of the disruptive payment technology space, but more importantly, we ensure that our innovative solutions are relevant to our target market, and address day-to-day pain points in consumers’ lives.
“VCpay empowers both banked and unbanked users to pay securely and interoperably for goods online, in store, in other mobile applications, or on mobile services like Uber,” adds Belamant.
VCpay uses Zazoo’s patented Mobile Virtual Card (MVC) technology, enabling mobile devices to generate virtual MasterCard payment cards. Users can activate VCpay by following a simple registration process and linking the application to any number of funding options, such as credit cards, EFTs, direct top-ups, cash and more.
ZAZOO launched VCpay earlier in 2015 and has established several significant partnerships in the local and international arena, extending the security and convenience offered by the mobile card technology to Microsoft, Uber, FunifI and BitX users.
The app, which is available in the iOs, Google Play and Windows Phone app stores, has seen success since its inception with transaction volume increasing over 30% month on month. There has reportedly been a 64% growth in registered users over the last three months, with an average of five transactions per user on a monthly basis.
“We are honoured by the acknowledgment that this win brings and excited by the clear demand for secure and simple mobile payment solutions,” says Belamant. “2015 has seen us bring this product to market after years of in-house research and development, and we are ecstatic that the app has been so well received.”