The Standard Bank of South Africa has introduced a mobile payment app, SnapScan, using which merchants can receive payments from their customers through a combination of a QR code and a PIN number.
SnapScan application, designed for small enterprises, helps business owners become a merchant and accept payments from anyone by registering with the app, and printing the unique QR code.
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Standard Bank head of Innovation and Channel Design Vuyo Mpako said that the company is delighted to launch its innovative service in South African market.
"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," added Mpako.
To process transaction, the business owners need to scan the unique QR code, following which the purchases will be made with a user-selected PIN. Standard Bank will confirm the transaction through a SMS notification.
"South Africa has seen a proliferation of smartphones and an increase in apps available to the consumer. There are apps for almost everything from smart diaries to smart banking. A safe and convenient cashless mobile solution was imminent and Standard Bank found it in SnapScan," explained Mpako.
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