Standard Bank acquires Mobile Payment Platform SnapScan

A major bank in South Africa, Standard Bank has scooped majority stake in Firepay, the company that developed the SnapScan.

South Africans may not be astonished by this acquisition because Standard Bank has worked with Firepay from the very beginning. In 2014, SnapScan was launched in conjunction with Standard Bank.

The head of card and payments, South Africa, Lincoln Mali said: “This acquisition is yet another testament to Standard Bank’s commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers.”

On her part, the head of emerging payments, Standard Bank, Wendy Pienaar said:  “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,”

Firepay chief executive officer (CEO) Kobus Ehlers said: “We are excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent.”

SnapScan is used for payments by more than 32,000 customers in South Africa. The app allows users to pay for transactions by simply scanning the Quick Response (QR) code on their mobile phones.