Standard Bank South Africa has acquired Firepay, the firm behind mobile payments technology startup SnapScan, in a move expected to help its customers go cashless even as banks look to digital platforms to remain relevant.
Launched in 2013, Firepay would a year later partner with Standard Bank to launch SnapScan which now has over 25,000 merchants allowing them to accept mobile payments from customers using an app which supports debit and credit cards.
SnapScan will remain independent and will be run by the Firepay team together with its payments technology platform that allows customers to make payments via WeChat and Masterpass among others.
“Our team is looking forward to building out our payments platform to solve the real-world payments problems we have always focused on, and to provide customers with the best experience possible,” said Firepay CEO Kobus Ehlers. ”We’re excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent.”
Whether one own’s an established shop or is a small market vendor, a service company sending invoices via email or SMS, or any store with an online shop, SnapScan is able to let customers pay merchants for whatever they need.