GustPay wins South African leg of worldwide competition

SeedStarsWorld is putting on the world’s biggest startup competition. The event which touts itself as the an “exclusive worldwide competition”, is held in 20 countries through 2013 to discover the best startups in emerging markets and regions with vibrant startup communities.

The competition travels from country to country giving entrepreneurs the opportunity to gain a spot in the finals. The event format gives entrepreneur exactly six minutes to pitch their business idea in front of a jury made up of local and international judges. Winners are then chosen to compete in the global phase next year.

The South African leg of the event held in the Cape Town saw Stellenbosch based payment service GustPay take the winning spot to join the other startups that will meet in the Switzerland in February. The prize includes a flight to compete in the global finals and a cash prize of R50 000.

GustPay is a mobile financial services startup. Their apps include Gust Pay, Gust Finder and Gust PayPoint and are available for iOS, Android and BlackBerry platforms. Gust uses Event Intelligence product which uses NFC wristbands for event ticketing, access control and cashless payments. The product is designed for music events and outdoor markets, but judges also saw scope for the technology in educational environments.

The winners will receive different prizes such as mentoring from partners and well-known entrepreneurs, SeedStars equity investments, entry into acceleration programs and hosting services.