VezoPay, a South African company known for its innovative smart rings designed for tap-and-go payments, has welcomed a new investor: Jonathan Smit, the founder of PayFast. This partnership is expected to bolster VezoPay’s growth in the payments sector.
Founded by entrepreneurs Jake Pinkus and Lawrence Baker, VezoPay recently introduced a range of payment rings that are designed and manufactured in South Africa, with prices starting at R2,100. The concept behind these smart rings is to eliminate the need for users to carry a bank card or even a smartphone when making transactions at the point of sale. With the Vezo Ring, users can conduct payments effortlessly with just a simple tap.
The company has announced that Jonathan Smit will be joining as both an investor and advisor. His extensive experience in the payments industry is anticipated to be a valuable asset for VezoPay as it seeks to broaden its footprint in the competitive payments landscape. Notably, Smit was among the first individuals to utilize the Vezo Ring, showcasing his confidence in the product.
The Vezo Ring enables users to make contactless payments seamlessly and is compatible with most major credit and debit cards. It also provides the same level of security as traditional payment methods, ensuring that users can transact with peace of mind.
In terms of banking partnerships, VezoPay is already operational with Nedbank, and Pinkus confirmed that two additional banks are set to launch support for the payment rings soon.
He explained, “As we onboard each bank, customers will be able to select their bank on our website. If their bank is not yet onboarded, they can reserve the ring without any upfront costs. Once their bank is live, they can proceed with their purchase.”
VezoPay has finalized its product catalog and is preparing for an official launch scheduled for April, marking an exciting milestone for the company as it aims to revolutionize the way consumers make payments.
