South African fintech startup VezoPay is betting the farm on a mission to transform how people pay with its flagship product, a smart payment ring, Its a bold challenge to the status quo of wallets, cards, and smartphones.
While companies like McLEAR, Twinn, and TAPSTER have already entered the payment ring market, VezoPay, backed by Naspers South Africa CEO Phuti Mahanyele-Dabengwa, is staking its claim in this emerging space. However, VezoPay has its work cut for it in turning its product from a flashy novelty into an indispensable part of everyday life.
VezoPay s rings, available in various styles and price points starting from ZAR 2.1 K (USD 112.00), promise a sleek, hands-free payment experience. Unlike other wearables, these rings don't require charging, a selling point that could appeal to the tech-savvy and active consumer. Our goal is to make payments as painless as possible, said VezoPay co-founder Jake Pinkus.
The companys recent partnership with Nedbank, one of South Africas largest banks, marks a significant milestone. Its a strategic move that could open doors to other major financial institutions. We are in talks with other major banks and expect them to follow suit as the technology proves its efficacy, Pinkus said .
Security is a paramount concern in the payments industry. VezoPay addresses this by employing advanced tokenisation technology, ensuring that even if the ring is lost or stolen, user data remains protected. The tokenisation process we use ensures that no actual card data is stored on the device, Pinkus explained.
