SnapScan – the mobile payment app powered by Standard Bank – is popping up at till points across South Africa. According to its website, around 10,000 merchants are currently supporting this novel payment method.
Officially launched in May this year, SnapScan is currently available for iPhone, Android, and BlackBerry 7 (and older) devices. Windows Phone and BlackBerry 10 devices are not yet supported.
The app is free to download and the only fees applicable are your normal bank charges. To make a cashless, cardless payment in-store, you simply hold your smartphone up to the SnapCode displayed at point of sale, enter the amount you want to pay, and authorise the transaction with your PIN.
Before whipping out your phone at the till, however, you’ll need to download SnapScan from your relevant app store and register an account. You’ll also need to link your credit or cheque card by snapping a photo of it or manually entering your card details. (SnapScan has assured users that card details are encrypted and stored nowhere else but on your phone.)
This payment method is not only convenient for customers , small companies can benefit from it too as it is available to both formal and informal businesses with no monthly fees or minimum volumes. It’s also great for security as there is no need to keep cash on the premises. You will still receive daily settlements into your bank account to keep your cash flow healthy.
Moreover, if you own an informal business without a Standard Bank account, you can withdraw your earnings by requesting a voucher that can be redeemed at any Spar outlet or Standard Bank ATM.
This innovative system was named both Overall Winner and Best HTML5 App at the MTN Business App of the Year Awards in August 2013.