Standard Bank says that its mobile payment app, SnapScan, has signed up over 12,000 small businesses nationally,since its launch in May.
The digital payments system enables consumers to pay for their purchases with their smartphones through a combination of a QR code and a secure PIN number.
SnapScan is available to all consumers with a smartphone, meaning that users do not have to be a Standard Bank customer to use app.
Once the app is downloaded, payments can be made by scanning the merchants’ unique barcode, entering the amount due and then confirming with your unique PIN number.
The merchant then receives their payment with a confirmation SMS.
Upon launch Standard Bank said that consumers could transact using the app at about 10,000 merchants across the country. Transactions are free to all SnapScan users.
SnapScan is also bank agnostic, meaning that you don’t have to be Standard Bank Business Banking customer to utilise the service.
SnapScan is targeted at the informal business market, with a variety of merchants ranging from sandwich makers at Cape Town’s trendy Old Biscuit Mill to street vendors of the bustling Vilakazi Street in Soweto.