03 December 2016
visit http://www.wolterskluwerfs.com

Standard Bank launches QR code-based mobile payment scheme

21 May 2014  |  12422 views  |  0 Man holding smartphone

Standard Bank of South Africa has publicly launched SnapScan, a QR code-based mobile payment system that has been under development for almost a year.

Developed in conjunction with Stellenbosch-based incubator FireID, SnapScan has been extensively trialled with the participation of some 500 convenience stores in the locality.

The SnapScan app is available for iPhone, BlackBerry and Android-based smartphones and works with any Visa or MasterCard issued by any South African bank.

The bank claims to have readied some 10,000 high street outlets for the nationwide launch. Merchants sign up for the service online to receive a unique QR code that they can then print out and place at their point of sale.

To pay at participating merchants, users open the SnapScan app, tap on 'Scan' and scan the SnapCode displayed at the shop. This identifies the shop and prompts the users to enter the amount they wish to pay. A four-digit PIN is required to secure and complete the transaction.

The merchant in return receives an SMS containing a confirmation of payment from SnapScan.

Merchants with a business account can have their receipts paid directly into their bank, while small traders can request a voucher that they can redeem at any Spar outlet or at a Standard Bank ATM.

Merchants pay a three percent fee for any SnapScan purchase. Analytics and loyalty programmes are billed as optional add-ons.



SnapScan is not currently available in large retailers but the bank says it is busy working with them on an enterprise-level application capable of integrating with existing point-of-sale terminals.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Standard Bank tests current account-linked bitcoin wallet

Standard Bank tests current account-linked bitcoin wallet

11 February 2014  |  15209 views  |  2 comments | 14 tweets | 13 linkedin
Standard Bank issues dual-function transit-ticketing and debit card

Standard Bank issues dual-function transit-ticketing and debit card

17 May 2012  |  6861 views  |  0 comments
Standard Bank faces patent claim over mobile money venture

Standard Bank faces patent claim over mobile money venture

09 April 2010  |  8383 views  |  0 comments
Digital cash set to usurp paper and plastic - Standard Bank

Digital cash set to usurp paper and plastic - Standard Bank

09 March 2010  |  14245 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out morehttp://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit contisgroup.com

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6173 views comments | 22 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5497 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5419 views comments | 13 tweets | 12 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5382 views comments | 15 tweets | 13 linkedin
EBA told that tougher authentication will have a "chilling" effect on single marketEBA told that tougher authentication will...
5378 views comments | 18 tweets | 20 linkedin

Featured job

Find your next job