Ukheshe is to rebrand Masterpass as Scan to Pay. The firm says that Scan to Pay will continue to provide seamless instant payment technology to banks, merchants, PSPs and consumers that add to the ever-evolving cashless commerce and digital payments landscape.
Scan to Pay enables seamless QR code transactions between merchants and consumers. Merchants benefit from effortlessly creating and managing static or dynamic QR codes to receive payments. Meantime, consumers enjoy the convenience, safety, and security of making payments using their mobile devices, without the need for cash or physical cards.
Scan to Pay: serving 6 acquirers, 94 PSPs, 14 banks and fintechs
Scan to Pay, Powered by Ukheshe is now the largest QR ecosystem in South Africa. It serves more than six acquirers, 94 PSPs, 14 banks and fintechs, three MNOs and more than 500,000 merchants. Scan to Pay services 3 million direct app downloads and is included in 16 million banking apps. This seamless instant payment technology complements the constantly evolving landscape of cashless commerce and contactless digital payments.
“Our focus is on empowering a simple, secure and convenient payment method across all channels and devices. Whether an acquiring bank, issuer, PSP or direct consumer, no new technical integration changes will be required, as the evolution is purely a branding transformation,” said Paul Selibas, president of project engineering at Ukheshe.
Business as usual
Ukheshe will continue to create and manage static and dynamic QR codes for all customers allowing them to keep accepting payments seamlessly as usual. “The progression from Masterpass to Scan to Pay is simply forging a new path on the same journey that brings new opportunities to QR payments within South Africa.” Selibas added.
As a Banking as a Service (BaaS) and embedded finance enabler, Ukheshe’s mission is to meet the acquisition needs of clients. The Scan to Pay product is a key part of that strategy in the South African market. Ukheshe says that it offers fast and secure contactless payments that are cost-effective and versatile, with many integration options with other digital payment systems.
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P2P payments: promoting financial inclusivity for the unbanked
Looking ahead, Ukheshe’s product roadmap includes the introduction of person-to-person payments. This will heighten financial inclusion for the previously underbanked. And enable them to go cashless with convenient, cost-effective, secure, and accessible money transfers between individuals.
“We are also excited about the potential integration of RPP as a payment system that enables real-time fund transfers between individuals or businesses from their bank accounts. RPP systems are designed to operate 24/7 and process payments within seconds. This makes them a fast and convenient way to send and receive money,” said Selibas.