Standard buys into Firepay

Group committed to innovation

BIG four bank Standard Bank has bought a majority stake in Firepay – the team behind SnapScan.

In a statement yesterday, the bank said the deal – for an undisclosed amount – was “testament” to its commitment to innovation.

Firepay launched in 2013 to take advantage of mobile payments technology and is an app-based solution to carrying around cash or credit cards.

A year after launch, Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using their cellphone.

SnapScan now has more than 32 000 merchants signed up, as well as a vast user network across South Africa, according to its website.

The app supports credit cards and most debit cards from any local bank, as well as 3D Secure- enabled international bank cards.

To make a payment using SnapScan, you open the app, scan in the merchant’s QR code), enter the amount pay- able, enter your PIN and hit “pay”.

World Wide Worx managing director Arthur Goldstuck says it made sense for Standard Bank to buy the stake as it is a growth industry.

In addition, the bank is shoring up its own efficiencies.

“Mobile payments make so much sense; they just make the process seamless.”

Standard Bank SA head of card and payments Lincoln Mali said the deal showed the bank’s commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers.

Goldstuck said the mobile payments industry was very competitive locally, and becoming more so, although it is dominated by SnapScan.

He said other notable players include Zapper, while Yoco is making inroads.

Goldstuck said “everyone is keeping a close eye on the space to see where they can play”.