MasterCard and SnapScan, a mobile payments solution backed by Standard Bank, have signed an agreement, whereby more than 30,000 SnapScan merchants in South Africa will now accept payments through Masterpass.
In order to use the mobile payment app, the users will have to download the MasterPass app from their app store, register, and load their credit, debit or cheque cards from any bank into the digital wallet.
After that, Masterpass users require to scan a QR code, or SnapCode, displayed at point of sale or online at a range of SnapScan merchants including coffee shops, professionals such as doctors and market vendors.
Then, they type the payment amount into their Masterpass app and confirm the transaction with their ATM PIN or a one-time pin code sent to their mobile phones.
To offer consumers the highest protection from fraudsters, each Masterpass transaction is classified as an Authenticated Mobile Transaction by South African banks.
MasterCard division president of South Africa Mark Elliott said: “With Masterpass, we’re enabling consumers to make secure and simple everyday payments wherever they are and from any connected device, without needing to physically carry their bank cards with them.
“Thanks to our collaboration with SnapScan, we are pleased to offer consumers even more places to pay using Masterpass, which is now the most widely accepted digital wallet in South Africa.”
MasterCard believes that the integration of Masterpass with SnapScan can offers a host of benefits for the entire payments ecosystem including consumers, banks and merchants.
Consumers can gain access to SnapScan merchants for a secure and simplified checkout experience. For the banks that already have Masterpass apps, can now offer expanded acceptance via SnapScan to their customers. Merchants will be able to reach even more consumers currently using Masterpass.