Standard Bank has launched SnapScan, a mobile payment app to allow merchants to receive payments from their customers through a combination of a QR code and a secure PIN number.
Standard Bank’s head of innovation and channel design, Vuyo Mpako said: “We are excited to bring such innovative offerings to all South African businesses. We created this app together with Stellenbosch-based IT agency, FireID in 2013, and it went on to win the 2013 MTN Business’ App of the year award. After extensive beta testing, we’re ready to take this solution to market.”
All that is required to become a merchant is for the business to register with SnapScan, print the unique QR code and any mobile phone. The business owner can now accept payments from anyone using the SnapScan application.
“SnapScan works amazingly well for formal and informal enterprises alike. We have created a solution that is as easy to install as it is to collect payments. Our business strategy at Standard Bank is to create accessible, convenient and secure solutions for businesses. SnapScan is a pioneering first,” says Mpako.
This is how the transaction in this app takes place; Once the QR code has been scanned, purchases are made with a user-selected PIN and the business owner will receive a SMS notification from Standard Bank confirming the transaction. Merchants don’t need any high-tech devices or connectivity – all payment confirmations are delivered using the standard SMS service.
“For small businesses, this is so much more than an app; it’s a real-time retail payment solution that allows business owners safe, secure and convenient payment methods for their customers,” says Mpako. “Having SnapScan also minimises potential loss due to the lack of a POS system, essentially creating another sales stream.
SnapScan offers two avenues for the collection of funds. Informal businesses are able to withdraw their earnings by requesting a voucher that can be redeemed at any Spar outlet, or at a Standard Bank ATM. The business owner does not need to have a Standard Bank account to do so.
