New money transfer app for FB users, no bank account required

The social graph and growth of services like Facebook has opened up a significant and sustainable banking market, claims Robert Sussman, joint CEO of ZunguZ, the management behind the multi-tier, micro-payment and banking enablement transaction platform.

Consumers are more interested in using technology to facilitate payments and avoid the difficulties associated with traditional banking processes. In particular they want their own currency, not credits or virtual currency. The advent of social media and social websites has helped give rise to the social graph, allowing consumers the opportunity to transact and manage accounts across secure, always-on' platforms.

The service is described as a credible offering that meets the banking requirements of its customers. People want a secure platform through which primary and secondary levels of account management and transactions can be actioned. They want to be a part of a system that has the built-in capacity to serve as a "universal wallet".

Sussman says the company is ahead of the curve as credit, points and vouchers make way for online currency via the virtual environment.

With the evolution of banking, opportunity for social to penetrate new markets and the uptake of smartphones in emerging markets, the power to transact securely from anywhere to anyone is now in the hands of the consumer, irrespective of their technical competence or skill level.

Companies like Facebook and Twitter own a platform and have no information until its users populate the platform with information that can be indexed and searched by its community. Sussman says that the company is closely engaged with leading payment providers on a host of partnerships and other private interactions, which will be announced to the market at a later date.

"This is where the app, with its custom-built functionality and foundation intelligence, adds measurable value to the financial graph. It has been an idea for most people - now it's a reality for everyone," he says.