Independent Online

Wednesday, August 10, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Standard Banks snaps up SnapScan maker

Supplied image

Supplied image

Published Dec 10, 2016



– Big four bank Standard Bank has bought a majority stake in Firepay – the team

Story continues below Advertisement

behind SnapScan.


a statement on Friday, the bank said the deal – for an undisclosed amount – was

Story continues below Advertisement

“testament” to its commitment to innovation.


launched in 2013 to take advantage of mobile payments technology and is an

Story continues below Advertisement

app-based solution to carrying around cash or credit cards.


year after launch, Firepay, in partnership with Standard Bank, launched

Story continues below Advertisement

SnapScan to allow customers to pay for goods and services using only their

mobile phone.


now has more than 32 000 merchants signed up, as well as what it calls a vast

user network across South Africa, according to its website.


app supports credit cards and most debit cards from any local bank, as well as

3D Secure-enabled international bank cards.


make a payment using SnapScan, you call up the app, scan in the merchant’s QR

code (QR stands for quick response, and the code looks like a mosaic bar code),

enter the amount payable, enter your unique PIN and hit “pay”.

Read also:  Startup gets partnership nod


Wide Worx MD Arthur Goldstuck says it makes sense for Standard Bank to buy the

stake as it is a growth industry. In addition, he says, the bank is shoring up

its own efficiencies.


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


Bank SA head of card and payments Lincoln Mali says the deal shows the bank’s commitment

to innovation and working with industry leading fintechs to bring relevant

solutions to customers.


says the mobile payments industry is very competitive locally, and becoming

more so, although it is dominated by SnapScan. He says other notable players

include Zapper, while Yoco is making inroads.


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


Bank says SnapScan will continue operating as normal, with the Firepay team

staying onboard to grow the product, so there will not be any disruption to its



addition to SnapScan, the Firepay team’s technology platform also enables

payments for several clients, including WeChat and Masterpass. It will continue

to develop and expand its offering to provide a range of product development

and payments services.


CEO Kobus Ehlers says the team is 

excited to work with Standard Bank to “solve the real-world payments

problems we have always focussed on”.




Related Topics: