BY Fast Company < 1 MINUTE READ

Ozow’s cash-free, card-free, one-click payment solution aims to make online banking safer and easier.

Their innovation is called tokenisation — where all you need to pay is an online banking profile that is identifiable via a token. A customer-selected Ozow pin is required for any payments, as well as their review and approval before any payment goes through. This ensures two-factor authentication and security, giving the customer complete control and security, but still enabling transactions to go through in record time (60 seconds or less).

Ozow’s one-click payment invention has been able to create greater inclusion in the digital economy. Without needing cash or card, anyone, from anywhere in South Africa, can make a payment from their web-enabled device – while enjoying zero transaction fees. This means individuals from all socio-economic sectors, including those with limited means, can be included in ever-growing innovations in digital banking. In addition to the consumer, Ozow has also innovated for the merchant.

Last year, they launched their OBS system — an onboarding system for companies to assimilate new employees into their organisation with ease and efficiency. With over 19 million transactions recorded on Ozow to date and their fastest-ever payment made in just eight seconds, this speed and convenience helps meet consumers needs in a world that is moving faster by the day