Ozow launches wallet and payments app — giving away R500,000 Las Vegas F1 trip
South African fintech company Ozow has launched Ozow.Me, a peer-to-peer payments system that lets anyone receive and send payments without fees.
Ozow raised $48 million (R746 million) in a series B funding round, which was led by Chinese internet and technology giant Tencent in 2021.
Ozow.Me lets users request and make payments via WhatsApp, QR Code, or Facebook Messenger.
Funds in an Ozow.Me mobile wallet, called the “Pocket”, can also be used to buy airtime, data, electricity, and Lotto tickets.
“Soon, 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,” the company announced.
Ozow partnered with third-party payments processor Ukheshe to launch the product.
Ukheshe is registered with the Payments Association of South Africa and is a merchant aggregator registered with MasterCard and Nedbank.
“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,” said Ozow CEO Thomas Pays.
To promote the platform’s launch, Ozow is giving away a trip to Las Vegas in November valued at over R500,000.
Although it is careful not to mention Formula 1, likely due to sponsorship rules, it is clear from the timing and the promotional video that the trip includes a seat at the Grand Prix.
“The prize includes return economy flights for two people, 4-star accommodation in Las Vegas, tickets to the race weekend, pit lane passes, and spending money,” Ozow said in a statement on Monday.
To enter the giveaway, Ozow requires that people download and sign up for Ozow.Me, then refer friends to sign up for the service.
For each contact that signs up to Ozow.Me, the referrer gets an entry into the giveaway.
The app allows you to upload referrals from your contacts or, for the privacy-conscious, enter them manually.
Ozow’s referral SMS tells the contact who referred them, so ensure you get permission first.
As for the functionality of Ozow.Me — it lets individuals receive payments up to R10,000 per day and R30,000 per month.
To increase those limits, users must apply to become merchants.
There are two main provisos to consider when using Ozow.Me: It uses Ozow’s instant EFT product to load funds into the Pocket, and withdrawing funds from the platform attracts fees.
Instant EFT is a type of payment that still causes anxiety for some users, as it requires you to provide a third party your Internet banking password.
While instant EFT was received with some scepticism when it first launched in South Africa, payment providers in the country have widely adopted the technology.
Besides Ozow, there are several other major instant EFT providers in South Africa. Thanks to this broad support, most local e-commerce players have integrated some form of instant EFT into their payment options.
Regarding the second caveat, Ozow charges the following fees for withdrawals:
- Into your linked bank account — R5.00
- At a Cash Express ATM — R10.00
- At a Pick n Pay till — R10.00
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