Customers embracing digital payment solutions
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| Vuyo Mpako |
Standard Bank’s new digital payment solution, has recorded over 70 000 registered users of SnapScan. The app is not only being downloaded, but users are actively embracing this technology, with Standard Bank reporting over 100 000 transactions being processed since launch in May this year.
SnapScan’s success is due to the fact that you don’t have to be a Standard Bank customer to enjoy the benefits of the app - anyone with a smartphone and a Visa or MasterCard can use it. According to Vuyo Mpako, Head of Innovation and Channel Design at Standard Bank, 29% of SnapScan users are Standard Bank customers and the rest are a split between the other banks. “We set out to create a convenient and innovative solution for South Africans, to give them greater control to transact in a way that fits in with their lifestyle,” says Mr Mpako.
The app’s winning formula lies in its simplicity. SnapScan uses Quick Read (QR) technology to process payments, eliminating the need for cash and cards. The QR reader is built into the app and once downloaded, all you have to do is to capture your card details and you are set to go. From there, it’s as easy as scanning the merchant’s QR code, confirming your customer-selected secure PIN and the transaction is complete. The merchant then receives a confirmation of payment via SMS.
SnapScan has a number of security features, including a customer-selected PIN number and the fact that your details aren’t saved on your phone but on Standard Bank’s secure servers.
“This is just one of many innovations in our stable and consumers can look forward to more solutions in the coming months that will add value to their lives,” concludes Mr Mpako.
SnapScan is available from any Android App Store, Apple App Store and BlackBerry World.
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