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Digital Cash is a product that is a digital representation of real cash. Digital Cash, therefore, has an underlying value linked to the currency that it represents. Zing World currently offers Digital Cash products in the form of Digital Dollars.
A Digital Dollar is a digital product linked to the value of the United States Dollar. For every Digital Dollar a user owns the equivalent United States Dollar amount is held in the Trust account of Zing World.
How safe is it to hold Digital Dollars in my account?
Every Digital Dollar is backed up by the equivalent amount of United States Dollars held in the Trust Account of Zing World. The Trust Account is a formal bank account and is independently managed and controlled by professional trustees to ensure that the funds are not used for any other purpose other than in accordance with the Digital Dollar rules. In addition, Zing World, has secured Cyber Insurance for all users to protect you against fraud and the loss of your funds from Cyber attacks.
How do I BUY Digital Dollars?
Once registered with Zing World, select the BUY function and pay for your Digital Dollars at any one of more than 100,000 till points in South Africa or use your bank card to purchase your Digital Dollars in App.
How much does a Digital Dollar cost?
A Digital Dollar is equal to 1 United States Dollar. If you are buying with cash using South African Rands at one of our till-point partners you will pay a transaction fee above the Rand / US$ exchange rate of approximately 3%. When you select BUY in our APP you will get a full breakdown of the costs before you accept the fees.
How do I PAY with Digital Dollars?
Your Digital Dollars will be deposited into your Zing World Account. We have partnered with various payment solutions where you can use your Zing World Account to PAY for goods and services. When you PAY using Digital Dollars you will not incur a transaction fee again. The amount that you request in your local currency will be converted back to US$ using the Rand / US$ rate at that time and the equivalent Digital Dollar amount will be deducted from your account. For most emerging markets the value of the local currency is depreciating against the US$ so the longer you hold Digital Dollars the cheaper it is to buy local products using Digital Dollars.
Can I SEND Digital Dollars to other users?
Yes you can SEND Digital Dollars to any other user for FREE wherever they are.
Can I SELL Digital Dollars?
Yes it is possible to SELL your Digital Dollars privately to any other user using the SEND feature to transfer ownership. Alternatively, you can request a refund and we will arrange for you to return your Digital Dollars to one of our approved Refund Partners.
Is ZING DIGITAL DOLLAR a cryptocurrency?
No, unlike Crypto Currencies, our Digital Dollars are simply a digital representation of actual US Dollars. 100% of the value of Digital Dollars is held in US$’s in a registered bank account and held in Trust for your benefit. We simply act as your agent to HOLD your Digital Dollars in your account and to authorize the transfer of ownership of your Digital Dollars to other users or for the purposes of making a payment with one of our registered payment partners.
Why are Digital Dollars better than CASH?
By converting your cash to Digital Dollars you immediately are able to enjoy the benefits of transacting on-line through our partner eCommerce solutions that give you access to thousands of merchants and products and services across multiple territories. Cash is also vulnerable to counterfeiting, theft, swindling and physical disaster.
How does a Zing World Account differ from a Bank Account?
All you need to open a Zing World Account is a mobile number. No paperwork and no long queues. Your Zing World Account is FREE. We do not charge monthly account fees. SENDING digital Dollars to any user anywhere is instant and FREE.
How do I open a Zing World Account?
Opening a Zing World account is simple and FREE. All you need is an Android or IOS enabled smart device and a mobile number. There are no questions and no paperwork is required.
Do I need a bank account to open a ZING DIGITAL DOLLAR Account?
No, you do not need a bank account to open a ZING WORLD Account.
There are three ways that you can get DIGITAL DOLLARS into your account. Purchase DIGITAL DOLLARS at any of our more than 100 000 participating retail outlets using cash. Use your current bank account to buy DIGITAL DOLLARS via the Zing World App. Receive DIGITAL DOLLARS from friends and family with no fees.
Where can I spend DIGITAL DOLLARS?
Use the PAY feature in the Zing World App to find a list of our eCommerce and mobile wallet payment partners. By electing to use Digital Dollars as your preferred payment method on their solutions you will enjoy access to thousands of merchants, products and services.
How much does it cost to send money using DIGITAL DOLLARS?
Sending DIGITAL DOLLARS to anyone who has a Zing World Account is FREE to send and FREE to receive. Whether you are sending it to your neighbor or your sister in another country there are no transaction fees.
What are the monthly Zing World account fees?
ZING WORLD ACCOUNTS carry no monthly account fees which makes it a great alternative to tradition bank account that typically charge monthly fees as well as fees on each transaction you make.
Do I earn interest on my positive balance?
All users who hold positive Digital Dollar (D$) value will enjoy Bonus Digital Dollar rewards. The rewards are designed to ensure that even if you do nothing more than hold D$’s in your account with us you will own more D$’s at the end of the month.
What is a DIGITAL DOLLAR worth?
Each DIGITAL DOLLAR is worth 1 US Dollar and is backed by an actual US dollar kept in the bank account of Zing World and held in trust.
What does it mean when it is said that DIGITAL DOLLARS are borderless?
Being a digital product, it is possible to send or use Digital Dollars anywhere. Unlike physical products, Digital products are borderless and do not have the same physical limitations that typically restrict movement. The movement of Digital Dollars is also instant and immediately useful to the recipient. This means you can send Digital Dollars to your neighbor or your sister staying abroad.
How do DIGITAL DOLLARS protect me against local currency depreciation?
The South African Rand has consistently lost on average 15% per annum against the US Dollar for the past 40 years. Other countries such as Argentina saw a 51.85% decline in 2018 alone. So YES, holding Digital Dollars will, in the cases of a depreciating local currency, protect you against your own currency devaluation. In cases where your local currency is weakening against the US$, using Digital Dollars bought when the currency was stronger will result in a lower local currency cost.
Do I get an account card?
Not directly, however, by authorizing one of our payment partners that may have card facilities to use your Zing World Account to settle any amounts that you SPEND with them you may be able to access their physical account card
What type of smart phone do I need?
You can use the Zing World App on either an Android or iOS (Apple) smart device. Simply go to Google Play or Appstore to download the Zing World App.
Are my Digital Dollars insured against loss?
Yes, we are very serious when it comes to protecting you and your funds. We have, in addition, to the protection offered by an independent and professionally managed bank account held in Trust taken various steps and implemented processes to monitor and block all suspicious activity. In addition, we have secured Cyber Insurance cover for all our users to protect against losses that may occur despite our best efforts to manage this risk.