News Archives - Wizzit

Wizzit: Always at the Forefront of Payment Innovation

Blessing — Thu, 19 Dec 2024 12:11:42 +0000

Looking back at Wizzit’s journey, it’s amazing to see how far we’ve come. From our beginnings as a small idea to a respected player in payment solutions, the journey has been full of milestones that have shaped our growth. Along the way, we’ve introduced groundbreaking technologies and formed valuable partnerships that have helped us empower businesses and individuals, creating a real impact in the world of payments.

2004 – A Bold Leap into Branchless Banking

It all started in 2004, when we took a bold step and launched South Africa’s first branchless banking solution. At a time when smartphones and digital wallets were still in the distant future, we used the USSD channel to bring financial services to townships. With this simple yet powerful technology, millions were able to access banking services directly from their mobile phones – no internet, no fancy devices, just straightforward mobile banking.

This innovative approach was a game-changer, giving people access to financial services they had never had before. It marked the beginning of our commitment to financial inclusion and it set the foundation for everything that followed.

2008 – Expanding Beyond Borders

By 2008, we were ready to think bigger. Our mobile payment platform expanded internationally to three continents, processing over 1 billion transactions. This was a significant milestone that validated our vision and proved that mobile payments could work on a global scale. We quickly moved from a local solution to a global one, bringing financial services to people across regions that had long been underserved.

Our expansion wasn’t just about business growth – it was about changing lives. Our platform enabled people in emerging markets to manage their finances in a way that was previously impossible and we couldn’t be prouder of that impact.

2018/19 – The Introduction of Tap-on-Phone

One of the most exciting developments in our history came in 2018/19, when we developed Tap-on-Phone technology. This allowed merchants to accept contactless payments using nothing more than a smartphone. No more expensive POS terminals, no more complicated systems – just a simple tap on the phone and businesses could process card payments securely and efficiently.

Developing was one thing, shepherding the solution through a brand-new certification process was something else. 2020 was spent ensuring that our solution met the requirements set by the card schemes.

2021 – Visa and Mastercard Certification and Rapid Growth

In 2021, after receiving pilot certification from Visa and Mastercard, we launched Tap-on-Phone. This certification marked a major milestone, confirming that our solution was secure, reliable and ready for widespread use. With Tap-on-Phone, businesses could accept payments directly from their smartphones, enabling small merchants, especially in markets with limited access to traditional payment systems, to thrive in the digital world.

It was clear that our technology was resonating with businesses around the world. The simplicity, security and cost-effectiveness of Tap-on-Phone made it the perfect solution for businesses large and small and we were thrilled to see how it was transforming the payment landscape.

2024 – A Year of Major Milestones

2024 has been a year of incredible growth and achievement for Wizzit. We now proudly serve 71 customers across 45 regions, a huge increase from just a few years ago. In under three years, our customer base has grown by an impressive 610%, a clear sign that we’re on the right track.

This year has also been marked by significant progress as we continue to push the boundaries of payment technology. One of the standout achievements has been working closely with our device partner MobiWire and with our existing and new clients like, Jazzcash, ABSA eCitizen, Unicre and NASS, to help them offer innovative solutions to their customers.

MobiWire and Littlefish: Empowering Our Clients with Innovative Solutions

Our work with MobiWire has been transformative. By integrating our SoftPOS technology with their reliable mobile devices – including feature phones, smartphones and IoT devices such as tablets and payment terminals with strong NFC. – we’ve enabled businesses to accept payments securely and efficiently – using nothing more than a smartphone or MobiWire device. This solution has made payment processing simpler, more cost-effective and accessible for businesses of all sizes.

We’re also proud to have Littlefish as one of our clients. This dynamic platform for Micro, Small and Medium Enterprises (MSMEs) is powered by Wizzit’s Tap-on-Phone technology, allowing businesses to accept payments, track transactions in real time and access funding – all directly from their smartphones. This integration is helping MSMEs thrive, expand and improve efficiency across multiple markets.

These clients, along with our MOU with KaiOS, position us to continue transforming the payments landscape across South Africa, Africa and beyond. Together, we’re making financial inclusion a reality for millions.

Why Our Clients Matter

The growth of Wizzit has always been driven by the success of our clients. Working closely with MobiWire, Littlefish, Old Mutual and others has allowed us to create payment solutions that solve real problems for businesses of all sizes. By integrating our technology into their platforms, we’ve enabled these businesses to accept payments more easily, reduce costs and improve efficiency. And in doing so, we’re not just helping them grow – we’re contributing to the broader mission of financial inclusion.

As we continue to innovate and develop new solutions, we remain focused on providing secure, scalable and affordable payment processing that empowers businesses, from small enterprises to large corporations, to succeed in an increasingly digital world.

Certification: A Commitment to Security

Security has always been at the heart of what we do. This year, we renewed PCI DSS to PCI 4.0 and PCI PIN certification. These certifications demonstrate our commitment to safeguarding our customers’ sensitive data and ensuring that our solutions meet the highest standards of security.

Our Tap-on-Phone technology is nearly through the Mobile Payments on COTS (MPOC) certification process, which ensures that payment acceptance via commercial off-the-shelf devices (like smartphones) meets stringent security standards. These certifications help us stay ahead in the fintech industry, giving our clients the peace of mind that their transactions are safe and secure.

What’s Next for Wizzit?

Looking ahead, we are more committed than ever to helping businesses grow and thrive. We’ve come a long way since our humble beginnings in 2004, but we know that there’s still much more to do. As we continue to innovate and develop new solutions, we are excited about the future and the opportunities that lie ahead.

From our early work with USSD banking to our pioneering Tap-on-Phone technology and the powerful partnerships we’ve formed, Wizzit is focused on one goal: to make payments simpler, more secure and more accessible for everyone.

Wrapping It Up: A Grateful Look Back and Excited for the Future

Reflecting on our journey so far, we can’t help but feel immense pride in everything we’ve achieved. But it also fuels our excitement for what’s next. We’re ready to take on the challenges ahead, continue building partnerships and push the boundaries of what’s possible in the world of digital payments.

We’re incredibly grateful for the support of our clients, partners and the amazing Wizzit team. Together, we’ll continue shaping the future of payments and creating a world where financial inclusion is a reality for all.

Thank you for being part of this incredible journey. We can’t wait to see where it takes us next.

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Celebrating the Tech-Savvy Women at Wizzit

Blessing — Wed, 23 Aug 2023 11:48:13 +0000

Welcome to a celebration of inspiration, innovation, and empowerment at Wizzit! As we raise our virtual glasses to commemorate the incredible Women at Wizzit, we are thrilled to introduce you to the brilliant minds and dynamic personalities that constitute the undeniable “better half” of our exceptional team.

These exceptional women have consistently shattered glass ceilings, defied conventions, and illuminated the path forward with their remarkable contributions. Join us in honouring their spirit and unwavering dedication of the ladies who play an integral role in shaping Wizzit’s success story.

Rudzani Matjuda

Rudzani Matjuda’s career had been predominantly within the banking sector, where she refined her skills. However, a new chapter unfolded when she was invited to join the IT team led by a respected IT Head of the Bank in 2014. This move led her to roles in Business Analysis and Project Management, fields often male-dominated. Undeterred, she embraced the opportunity, excited about the growth and change happening in the IT landscape.

Portia Mphothwana

Portia Mphothwana joined Wizzit in 2008, bringing with her a National Diploma in Accounting and a Bachelor of Accounting Sciences. Despite specialising in finance, she has made incredible efforts to integrate with developers and continues to learn more about the technology of Wizzit to this day.

Violet Modise

Violet Modise has worked her way up through the ranks, beginning her career as a call centre agent before being promoted to the IT Service Desk and eventually earning the role of software tester. With her keen eye for detail and a thirst for knowledge, she has become a valuable asset to the team as she pushes the company to the next level of quality.

Hlalala Isabel Sithole

Hlalala Isabel Sithole joined us five years ago and has been an invaluable member of every team she’s worked on. She understands the importance of a responsive design and the incorporation of flexible layouts in providing a well-optimised experience across all platforms. She prioritises user-friendliness, and her dedication has made a significant impact on the success of projects at Wizzit.

Mbuelo Ralubuvhi

Mbuelo Ralubuvhi joined Wizzit in 2017, bringing her enthusiasm and the motivation to elevate front-end development. Her priorities extend beyond the present as she participates in initiatives that provide underrepresented groups with the means and skills to take their talents into the future. She has gone above and beyond the standards held by Wizzit.

These Women at Wizzit are more than mere team members; they are trailblazers who continue to reshape norms and redefine possibilities. As we toast their achievements, let their journeys remind us that diversity fuels innovation and inclusion drives progress. In commemorating their outstanding contributions, we stand inspired and eager to witness the future these extraordinary women will undoubtedly shape.

Contact us today for more information on our secure and frictionless payment services.

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Digital or die!

Blessing — Wed, 17 Aug 2022 09:01:15 +0000

A headline in Finextra today (20 July 2022) caught my attention. It is not the first – nor will it be the last such headline as countries move to a more digital world. Yes, you will get the traditionalist anti-change segment fighting for cash, as they did centuries ago to hold onto sea shells as a medium of exchange, but the change is inevitable and rapid.

Digitalise or die.

Cash is horrendously expensive – the ultimate cost could be your life, depending on what part of the world, and it is inconvenient in the extreme. To pay a bill, you have to walk your cash to the office of the recipient as opposed to sitting in the comfort of your own home and making digital payments that are increasingly instant (real time), safe and very cost-effective.

All very good, provided you are part of the digital world – in other words, digitally and financially included. However, What if you are part of the excluded 2 billion people in the world with the only means of transacting that you have is with cash. Unfortunately, this is very real, and the government and banks collectively have to address this gap as urgent.

Opportunities are there, we need to look for them

The most significant opportunity comes with the SMME segment of the market which, up until now, does not have the means to accept digital payments. The fact is, they do not want to invest in the hardware (physical point of sale devices) that in the old traditional world were required to accept payments.

In the modern world, this hardware is now replaced by software on any NFC-enabled phone that most merchants have, enabling them to accept digital payments. This, in turn, allows the merchant to enter the formal financial world, build a track record, and access credit with other services that enable them to develop their business.

A win for everyone!

A headline in a recent report (SoftPOS report 07.2022 – AEVI) caught our attention.

Blessing — Wed, 20 Jul 2022 07:46:36 +0000

A headline in a recent report (SoftPOS report 07.2022 – AEVI) caught our attention.

“SoftPOS (Tap-on-Phone) has entered its early adopter phase after spending 8 years in development. While many doubt it, products do not spend 8 years getting built to disappear, so it is here to stay.” One forgets very quickly how long it takes to get a product to market – particularly one that requires intensive certification to get into the payments space. I think that banks also conveniently forget the costs of this innovation journey that Fintechs embark on and further, as we know, not all products are commercial successes yet 1 out of 10 might be. The point of the above is that significant time has been spent getting Tap-on-Phone ready and the stats in the AEVI report show that the market is now more than ready to adopt the technology solution and drive it to scale.

The fact is that “71% of merchants surveyed think that SoftPOS (Tap-on-Phone) will replace traditional payment terminals in the future and 84% of payment providers thought that SoftPOS would be most useful to micro-merchants” (AEVI). The majority of people in the AEVI Survey believed that SoftPOS would replace traditional Point of Sale solutions.

The reasons for adoption are given in the table below

And further benefits to the merchants would be cost, scalability, flexibility and speed to market. All this enables even the smallest of merchants to accept digital payments. In a previous article, I mentioned some research that WIZZIT had done indicating that by far the majority of consumers preferred having a PIN with contactless payments as an added level of security. This fact is again emphasised in the Aevi report … “Another interesting find was that most groups agreed that contactless and tap & PIN must be standard if SoftPOS is going to be successful” WIZZIT would welcome the opportunity of discussing your requirements and getting you to market very quickly and cost-effectively with a certified, secure and convenient digital payments solution supported by both Visa and Mastercard

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Forever Young – Some South African stats

Blessing — Thu, 16 Jun 2022 10:21:59 +0000

According to the Eighty20 National Segmentation, the Students and Scholars segment make up 11% (4.8m people) of the consumer population in South Africa and has an average age of 17.5.

They are highly digitally engaged with 71% of the population owning a smartphone.

The segment has a low median income of R1 500 per month, with 3.8m under R1 000.

Only 31% of this population are banked. “ Eighty20 13 June 2022

Low-income levels are high

If the stats are correct, and Eighty20 has a very credible track record, 80% of this segment have an income of less than R1000 per month ($66) and Let’s assume that the remaining 20% are at the quoted median level of R1500 ($100). Irrespective, This means that the smartphones that they have are likely sponsored or handed down.

31 % – only 1,5m are banked. This must provide a great opportunity for any bank looking to tap into a very lucrative youth market whose income will only increase as they enter the job market. One thing is for certain, they want to be digitally and financially involved Digital Inclusion means market opportunities.

Once digitally included, SA’s youth will want to spend their money in the same way. This means that merchants need to ensure that they are equipped to accept digital payments – safely, securely, and conveniently.

If this is the state in South Africa, the opportunity in other emerging markets is even bigger.

As a certified Visa and Mastercard partner, please chat to us about equipping you for this next wave.

Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at support@wizzitdigital.com[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container type=”flex” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” align_content=”stretch” flex_align_items=”flex-start” flex_justify_content=”flex-start” hundred_percent_height_center_content=”yes” equal_height_columns=”no” container_tag=”div” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” border_sizes=”” border_style=”solid” spacing_medium=”” spacing_small=”” padding_dimensions_medium=”” padding_dimensions_small=”” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” absolute=”off” absolute_devices=”small,medium,large” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” sticky_transition_offset=”0″ scroll_offset=”0″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″][fusion_builder_row][/fusion_builder_row][/fusion_builder_container]

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Times are changing – non-traditional institutions are pioneering value creation

Blessing — Wed, 08 Jun 2022 07:09:52 +0000

According to Mckinsey, the overall market capitalisation of the financial sector added $5 trillion, rising from $9.5 trillion in 2016 to $14.5 trillion in 2022.

Traditional banks added value at the lowest rate over the past 5 years. In contrast to this fintech and neobanks are displaying valuations more than 10 times their book value and are starting to capture a greater portion of the total financial market.

Looking specifically at the payment industry, the offline and online worlds have merged for good.

Although we see retail opening up across the globe again, the digital-first economy is the new norm for businesses and consumers. This is opening up opportunities for fintech to continue to create value and provide products and services that help merchants and customers with great security and experiences to complete online payments. We don’t see this trend changing.

The next 5 years will be very interesting and it will come down to the traditional banks considering a change to not continue to lose market share. Change can come in many ways, collaboration with fintech might be the biggest change needed by banks, or could it be something else?

We are excited to be part of this dynamic industry offering merchants the ability to take payments directly off their mobile phones. We continue to look for innovative banks (acquirers) and payment service providers to partner with for this exciting new digital-only solution.

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Emerging Banking

Blessing — Wed, 25 May 2022 06:50:30 +0000

JP Morgan not so long ago released a public letter stating how both large tech firms and fintech’s are intensifying and contributing to the diminishing role of banks. It is clear that banks are still fundamental to society in today’s world, but what does the future hold is anyone’s guess. What will be important and vital for banks is to establish collaboration opportunities with FinTech’s to ensure that they are at the forefront of innovation, improving the lives of their customers with the latest technology.

Emerging banking is starting to take place at rapid pace. The likes of the adoption of blockchain, cryptocurrency and NFT solutions which are being offered by fintech firms to stay competitive. Although on the face of it, this technology is at the infant stages of their life cycle, we starting to see large firms take early action to establish their foothold within these realms, which includes the metaverse and the gaming industries, which experts say will reach $400b by 2025.

Within all these technology enhancements, payments are at the core. Ensuring customers are safe, businesses are financially included and the flow of transactions are transparent and clear, the role of payment companies will become ever more important in the future.

WIZZIT see great importance to offer new solutions to merchants across the globe allowing them to take card payments directly off their mobile phone. There is also huge emphasis being worked on with both Visa & MasterCard alongside WIZZIT to launch an eCommerce solution which turns any shoppers phone into a Point-of-Sale device at checkout. A safer, more convenient and cheaper transaction for all involved.

We continue to look for banks and payment companies seeking to offer such solutions to their merchant base as well as exploring the emerging banking channels with WIZZIT.

Please do get in touch with us to hear more about our offering at info@wizzit.com or find us on LinkedIn – WIZZIT

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WIZZIT Tap-On-Phone offers a world of new eCommerce Opportunities

Blessing — Tue, 12 Apr 2022 14:30:24 +0000

As you may be aware, PSD2 is now a regulation for banks and payment services providers across the UK and the EU. Compliance with PSD2 has been one of the most important challenges for financial institutions and the time has come to be fully compliant.

Payment Services Directive Two (PSD2) is a piece of legislation designed to force providers of payment services to improve customer authentication processes around eCommerce transactions.

So, what does this look like in the real world? PSD2 is having a big impact on the way merchants take payments from their customers. It introduces a two-factor ID requirement for certain transactions, potentially creating additional friction at the checkout.

The payment process

In order to make a payment, customers will be required to provide two forms of ID from the following three options:

Knowledge: something only the customer knows, such as a PIN or password.

Possession: something only the customer has, such as a mobile phone or payment card.

Inherence: something unique to the customer, such as their fingerprint.

Many banks have to comply by introducing OTPs (One Time Pins) via email or SMS for payments online. This can have a major impact on the customer experience and it is too early to tell how these additional measures will affect customer conversion rates for online purchases.

The innovation of Tap-on-Phone technology

WIZZIT’s Tap-On-Phone solution is a technology we believe solves many of the challenges around PSD2. Customers using this as a checkout payment option will only require tapping their bank card to their mobile device, inputting their pin on the pin pad when it appears and the transaction is made.

There is no need for OTPs and there is no need for having to put card details onto the web to make the payment. We believe this is a more convenient, safer, and quicker solution for paying online.

Get in touch today for more information at www.wizzitdigital.com, through LinkedIn WIZZIT Digital or via info@wizzit.com

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Some (mis)perceptions – and the reality of Tap-on-Phone

Blessing — Sun, 10 Apr 2022 10:23:07 +0000

For those that are involved in the payments industry it is so easy to get lost in the technicalities of the solution that we forget some very basic principles:

Customers do not jump out of bed in the morning saying “goodie, goodie, I am going to make payments today!”
What they want is a frictionless hassle-free experience.
What they want is trust in the system that it is going to work.
They want protection that should someone get hold of their cards and or device, they cannot go on an unauthorised spending spree.

The added protection of PIN to authorise payments builds trust and confidence. It is only people in the payments /banking space that raise the question about customer reluctance to put their PIN on a merchant’s mobile device.

WIZZIT has been testing the Tap-on-Phone product for many months, getting data on customer experience, and we have not had a reported incidence of a single customer (not involved in the payments/banking space) who has as much as raised an eyebrow when asked to put in their PIN on the merchant’s device to approve and authorise a transaction.

One special occasion and events company reported that customers actually had fun using the Tap-on-Phone technology. The other frequently raised question is whether merchants will embrace the acceptance of digital payments.

Three critical factors here:

safety in a reduction of cash on-premise;
an ability to enter the eCommerce world;
and the ability to build a track record that will enable access to affordable loans to grow the merchant’s business.

The Key is the ease of merchant onboarding where speed and a hassle-free experience are key.

Visit us: https://wizzitdigital.com/

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Wizzit Tap-on-Phone can reduce Chargeback fraud

Blessing — Tue, 01 Mar 2022 09:31:56 +0000

According to Expert Market, the latest chargeback fraud statistics are as follows:

A customer who is successful in filing – and winning – a chargeback dispute is nine times as likely to initiate another one.
40% of consumers who file a chargeback will do it again within 60 days.
81% of customers admit to ‘convenience’ as their primary motivator when it comes to filing a chargeback.
Friendly fraud generally goes up at a rate of around 41% every couple of years…
Almost half (49%) of friendly fraud chargebacks occur as a result of a misunderstanding. The customer simply wasn’t aware they were filing a chargeback!
Each year, the global average cost of chargebacks is around 0.47% of total merchant revenue.
Online sales make up almost half (55%) of all fraud experienced by multi-channel merchants.

Furthermore, some of the classifications of chargebacks are;

1) 30% of chargebacks are made due to stolen cards

2) 26% initiated from a product never arriving

3) 15% from retailer shipping wrong product

4) 8% from products not meeting customer needs

5) 3% clerical errors

WIZZIT’s Tap On Phone solution is not only used for merchants looking to use their mobile phone as a POS (point of sale) device but now also allows online customers to use their own devices as a POS device to checkout.

What does this mean? It means that when a customer wants to pay for their goods online, they can now simply tap their bank card to the back of their mobile device, input their bank PIN when prompted and the payment is done. It would feel like an in-store experience, only using your own device as a payment terminal.

This would have a huge impact on chargeback fraud which occurs with stolen cards. Fraudsters would need to know the card’s PIN to complete an online transaction.

It also has massive benefits to the merchant. The cost of the transaction becomes substantially less with their customers using the Tap On Phone checkout. This is because the transaction is not classified as a Card Not Present transaction.

WIZZIT have been in discussions with both Visa and MasterCard for our eCommerce solution and now we are entering into pilot with some of our global partners. We are looking to expand on our pilot client base so please do get in touch with us if this is something you would like to explore in more detail. info@wizzit.com or find us through

LinkedIn https://www.linkedin.com/company/wizzitdigital/

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