Standard Bank announced the official launch of mobile payment app, SnapScan, in a press release issued on Wednesday, 21 May 2014.<\/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 PIN.<\/p>\n
The system has been in operation since June 2013, with apps currently available for iPhone, Android, and BlackBerry 7 (and older) devices.<\/p>\n
Windows Phone and BlackBerry 10 devices are not yet supported.<\/p>\n
To pay with the app, users have to download it from the relevant app store for their device, register for an account, and link their Visa or MasterCard credit card.<\/p>\n
SnapScan lets you link your credit card by snapping a photo of it or manually typing in the details.<\/p>\n
Once registered, you can use the app to scan the Quick Response (QR) code of a merchant, after which you are prompted the amount you wish to pay. You then enter your PIN to authorise the transaction.<\/p>\n
Unlike conventional credit card point-of-sale machines, Standard Bank said SnapScan lets both informal and formal businesses register for its services.<\/p>\n
Informal businesses can withdraw their earnings by requesting a voucher that can be redeemed at any Spar outlet or Standard Bank ATM. No Standard Bank account is needed to do so, Standard Bank said.<\/p>\n
Formal businesses may nominate a business banking account to which sales are directly credited.<\/p>\n
One niggle with the service is that the merchant\u2019s proof of payment is sent via SMS to a designated cellphone number.<\/p>\n
If for whatever reason that cellphone is not currently near the point of sale, it is not possible for the merchant to verify a payment.<\/p>\n
This makes it difficult for larger businesses with multiple points of sale to adopt SnapScan.<\/p>\n
It could also throw a wrench in the works if a small business is trading in two different locations on a particular day for whatever reason (such as its normal store-front and an informal market or convention, for example).<\/p>\n
According to Standard Bank, about 10,000 merchants across South Africa currently support SnapScan, including Motherland in Johannesburg and The House of Machines in Cape Town.<\/p>\n
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