Standard Bank snaps up major stake in SnapScan maker

(iStock)
(iStock)

Johannesburg - South African financial services provider Standard Bank has acquired a majority share of Firepay, the company behind the quick response code payment app SnapScan.

Firepay launched the SnapScan app in partnership with Standard Bank in 2014 and today has 32 000 physical and online merchants.

The app, which is connected to a bank account or mobile wallet, allows users to make payments from their mobile device by scanning a QR (quick response) code.

READ: Evolution of mobile payments in SA

“We are excited about working more closely with the Firepay team and think that there is an excellent strategic fit between their capabilities and Standard Bank’s vision for a truly universal bank, both in South Africa and throughout the African continent,” said Wendy Pienaar, SBSA Head of Emerging Payments.

“Firepay’s experienced team and industry know-how will be used to bolster Standard Bank’s emerging payments strategy,” she added.

In addition to SnapScan, the Firepay team’s technology platform already enables payments for several clients, including WeChat and Masterpass.

The company will continue to develop and expand its offering to provide a range of product development and payments services.

Kobus Ehlers, Firepay CEO, said: “Our team is looking forward to building out our payments platform to solve the real-world payments problems we have always focused on, and to provide customers with the best experience possible. We’re excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent.”

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