South Africa-based First National Bank (FNB) has partnered with Mastercard to launch QR code payment service for both consumers and merchants across the country.
Users of the FNB Banking App will be able to perform and accept QR code payments, which will be powered by Mastercard’s digital payment service Masterpass.
Masterpass supports major scan-to-pay services in the country, with a network of around 140,000 merchants and billers.
FNB customers and sole proprietor businesses can use the QR code payment service by enabling FNB App ‘Scan to Pay’ on their smartphones.
Businesses that do not bank with FNB will also be able to use the new solution through the FNB App.
FNB Retail CEO Raj Makanjee said: “We are rapidly expanding our digital payments ecosystem by providing customers with helpful digital payments solutions. The ability to make QR code payments offers our customers convenient and secure alternatives to carrying cash.”
The bank’s Business CEO Mike Vacy-Lyle added that the payment solution will help in boosting digital payments acceptance among business customers and decreases dependence on cash.
FNB is said to be the first South African bank to enable QR code payments for consumers and merchants in a banking app.
Mastercard division president for Southern Africa Mark Elliott said: “We are excited to partner with FNB to further accelerate the adoption of digital payments in South Africa, using Masterpass’ existing QR code infrastructure.
“It furthers our goal of enabling consumers and businesses to transact anywhere, at any time or place, across any channel or device from a single app on their smartphones.”