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Standard Bank buys SnapScan maker, Firepay

Standard Bank buys SnapScan maker, Firepay

Standard Bank has announced that it has acquired a majority stake in Firepay – the team behind South Africa’s largest mobile payments product, SnapScan.

Firepay was formed in 2013 to apply new mobile payments technology to build innovative products. In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone.

SnapScan is now used by hundreds of thousands of customers, at a national network of more than 32,000 physical and online merchants. Standard Bank said.

Lincoln Mali, SBSA Head of Card and Payments said: “This acquisition is yet another testament to Standard Bank’s commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers”.

SnapScan will continue operations as normal, with the Firepay team staying onboard to grow the product.

In addition to SnapScan, the Firepay team’s technology platform already enables payments for several clients, including WeChat and Masterpass.

The company will continue to develop and expand its offering to provide a range of product development and payments services.

Read: Digital has halved banking costs: Standard Bank


BusinessTech's Staff Writer is directly plugged into the South African Internet backbone, and spits out press releases and other news as they receive it. They are believed to be cl...
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  • Tania

    Adding the Standard bank crime syndicates to make it SnapScam.

  • mccdyl001

    I use Zapper on an almost daily basis (our work Canteen uses Zapper, and all the restaurants I’ve been to in the last couple of months), but I’ve never ever used Snapscan. Maybe its just a regional/geographical thing, but on a quick straw poll among colleagues here at work (based in Durban) it’s a similar situation. Everyone has used Zapper, but only one or two have used Snapscan, and only a couple of times at best.

    • Gene de Murro

      Vice versa here in Cape Town I think.

      Retailers will make their decisions based on what surrounding retailers are doing, in a sort of “geographical network effect”. It’s good to have the competition but eventually third parties get involved to do aggregation and enable interoperability, because that turns out to be a win/win/win. Think VISA/Mastercard and POS terminals.

    • YouDontEvenKnowMe

      I uninstalled that after noticing it was eating data when I wasn’t even using it

  • Bart

    Its a great product – Easy to use – I haven’t had a moments trouble.

    • Gene de Murro

      It’s good, but it could definitely be better. The fact that it’s a web page wrapped by Cordova is very much evident. Unfortunately, being owned by an a prehistoric banking company is about the worst way to ensure it improves.

  • Madimetsha

    Lincoln Mali, SBSA Head of Card and Payments said: “This acquisition is yet another testament to Standard Bank’s commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers”.

    so buying an existing product is commitment to innovation?

    • Gene de Murro

      Yes, because an opportunity arises for a new player to innovate now, as Snapscan inevitably loses its entrepreneurial spirit, crushed as it must be under the weight of its new bureaucratic overlords.

  • YouDontEvenKnowMe

    Prepare for the Snapscan product to slowly degenerate into a pile of steaming excrement

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