Using your smartphone to pay the way

Anything banking related on a smartphone is a security risk, I would stick to internet banking to be safe..
 
According to Standard Bank, which developed the app
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Standard bank bought the tech from FireID, didn't they?

There's a similar app that's been around for a year+ - https://zapper.com/ - A few places around where I live in Durban actually use it. Never seen SnapScan.
 
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genetic said:
It's no more riskier than internet banking.
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Agree, and even your card can be skimmed anywhere if one thinks this is riskier. Internet banking is even worse as all your money can be transferred out
 
Love the idea.

Just came from my local mall, forgot my wallet so used my phone to send money to FNB e-wallet and drew the cash. Sorted.

Phone payments would be brilliant.
 
A mobile device is more at risk of being stolen etc, If you keep your PC up to date and have good virus protection and firewall that is safer in my opinion..
genetic said:
It's no more riskier than internet banking.
Click to expand...
 
LinuxMan said:
A mobile device is more at risk of being stolen etc, If you keep your PC up to date and have good virus protection and firewall that is safer in my opinion..
Click to expand...

:erm:

If they steal your phone, they don't automatically get access to your PIN number, and if your phone gets stolen you can disable your device on your internet banking profile.
 
Or so you think, a lot of clever scammers out there.
Still it's not something I would use.
 
Saw it this week for the fist time in a small coffee shop. Makes a lot of sense for them - cheaper than credit card transactions and no card machine needed. Although, unlikely that vendors with machines will get rid of it any time soon.
 
Great! Now get it to stick and merchants actually consider the 0.1% of the population using it worthwhile to support like all the others before it. Oh wait, they faded into obscurity. :erm:

genetic said:
It's no more riskier than internet banking.
Click to expand...
Four digits is no more riskier than an alphanumeric case sensitive indeterminate length password coupled with a standalone token device? Ok.
 
I've prodded and poked at this thing. Things that raise eyebrows:

It stores your cvv number.
It can be used on anybody elses credit card (it can effectively skim cards by taking a picture of the card in 2 seconds)

It'll absolutely suck if your sms is not delivered. Just the idea of proving and reversing transactions gives me the chills.

And of course, faking those confirmation smses is something to be aware of too...


As for the application, if anyone out there is reading - please add a "remove card" option, it's annoying that you can only wipe your profile - my visa actually expires this month and I can't replace it besides wiping my whole profile.
 
SnapScan will soon be developing their systems to make online payments easier. For now it's not recommended for online merchants as there is no way for one to use a custom payment reference, so the merchant cannot reconcile back on their end and there will be a complete finance and admin nightmare after the fact.

I wanted to integrate this into my site's payment methods as the merchant fees are very reasonable, but this limitation makes it impossible to do so. Fortunately they are aware of this and part of their planned development involves online merchant facilities too. The great thing about this is that it facilitates a payment from bank account to bank account, eliminating the need for the merchant to hold a merchant account, which in itself adds fees to the transaction separate from the payment gateway.

Standard bank's flat 3%, no limitations, and no merchant account makes this ideal for online transactions from a merchant's point of view. Let's hope they don't drag their feet on implementation to protect online merchant banking revenues...
 
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