Image Credit: Wall Street Journal
Image Credit: Wall Street Journal

Standard Bank one of South Africa’s largest financial services groups earlier this week on Monday announced they had acquired a majority stake in Firepay; a firm that applies new mobile payment technology to build innovative products.

In 2014 Firepay partnered with Standard Bank, to launch SnapScan which is currently used by hundreds of thousands of customers, at a national network of more than 32 000 physical and online merchants to pay for their goods and services using only their mobile phone.

SnapScan being a project of Firepay, it will continue with it’s operations as normal, with the Firepay team staying on-board to grow the product. In other words, customers and merchants with any South African bank will still be able to pay with or receive payment via the app.

“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, Head of Emerging Payments at Standard Bank South Africa.

source: IT News Africa