Standard Bank has launched a digital payments system in the form of a mobile payment app called SnapScan.<\/p>\n
This is the bank\u2019s 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.<\/p>\n
In March, the bank launched a new banking app for tablets, adding that an\u00a0updated smartphone banking app would follow in the second half of the year.<\/p>\n
Standard Bank originally launched its mobile app in June 2012.<\/p>\n
SnapScan is available to all consumers with a smartphone, meaning that users do not have to be a Standard Bank customer to use app.<\/p>\n
Once the app is downloaded, payments can be made by scanning the merchants\u2019 unique barcode, entering the amount due and then confirming with your unique PIN number.<\/p>\n
The merchant then receives their payment with a confirmation SMS.<\/p>\n
Presently, consumers can transact using the app at about 10,000 merchants across the country. Transactions are free to all SnapScan users.<\/p>\n
The end of cash?<\/strong><\/p>\n \u201cThere will always be a role for cash, but we realised that it\u2019s not always accessible and it\u2019s in this realisation that SnapScan was borne,” said Standard Bank\u2019s Head: Innovation and Channel Design, Vuyo Mpako.<\/p>\n “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.”<\/p>\n Security<\/strong><\/p>\n According to Standard Bank, the app\u2019s security features have been designed similarly to that of your day-to-day banking through the inclusion of a user-selected PIN.<\/p>\n The user\u2019s card details are also saved on their phone and not backed up on an external server.<\/p>\n SnapScan is currently available to iOS, Android and Blackberry smartphone owners.<\/p>\nMore on Standard Bank<\/h3>\n