Standard Bank South Africa has acquired a majority stake in Firepay, the company that owns SnapScan, a cashless, cardless payment app that uses QR codes to initiate payments through a user's phone.

The acquisition will see the Cape Town-based service's payments powered by Standard Bank, although it will be available to users of other banks as well. The app supports credit cards and most debit cards from South African banks, as well as 3D Secure-enabled international bank cards.

"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, Weโ€™re excited to work with Standard Bank in our mission to achieve this both in South Africa and across the continent. โ€ said Firepay CEO Kobus Ehlers

Standard Bank had partnered with SnapScan in 2014, and the acquisition appears to be the bank's attempt to tap into the growing FinTech ecosystem.

"This acquisition is yet another testament to Standard Bankโ€™s commitment to innovation and working with industry-leading fintech innovations to bring relevant solutions to customersโ€.Lincoln Mali, Head of Card and Payments at Standard Bank South Africa

Standard Bank assured customers and merchants that SnapScan will continue operations as normal, and the Firepay team will be kept intact to grow the product while remaining independent from the bank.

Firepay also indicated that they will continue to develop and expand their offerings.

โ€œWe are excited about working more closely with the Firepay team and think that there is an excellent strategic fit between their capabilities and Standard Bankโ€™s vision for a truly universal bank, both in South Africa and throughout the African continent,โ€ said Wendy Pienaar, SBSA Head of Emerging Payments. โ€œFirepayโ€™s experienced team and industry knowhow will be used to bolster Standard Bankโ€™s emerging payments strategy.โ€

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