Standard Bank launches mobile payment app

Standard Bank has launched a digital payments system in the form of a mobile payment app called SnapScan.

This is the bank’s first mobile payments offering that allows consumers to pay for their purchases with their smartphones through a combination of a QR code and a secure PIN number.

In March, the bank launched a new banking app for tablets, adding that an updated smartphone banking app would follow in the second half of the year.

Standard Bank originally launched its mobile app in June 2012.

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.

Presently, consumers can transact using the app at about 10,000 merchants across the country. Transactions are free to all SnapScan users.

The end of cash?

“There will always be a role for cash, but we realised that it’s not always accessible and it’s in this realisation that SnapScan was borne,” said Standard Bank’s Head: Innovation and Channel Design, Vuyo Mpako.

“We saw an opportunity to create a secure, convenient and customer-centric application that would put the consumer in charge of their money. Standard Bank also recognised the need to create an app that would assist South Africa in becoming a cash-free society.”

Security

According to Standard Bank, the app’s security features have been designed similarly to that of your day-to-day banking through the inclusion of a user-selected PIN.

The user’s card details are also saved on their phone and not backed up on an external server.

SnapScan is currently available to iOS, Android and Blackberry smartphone owners.

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Standard Bank launches mobile payment app