Masterpass enables users to make online and in-store purchases using the digital wallet on their smartphones, without needing to carry their bankcards with them. A single SnapScan QR code can be scanned wherever shoppers need to make payments - at point-of-sale, online or upon receipt of a bill. Users enter the payment amount into their Masterpass app and confirm the transaction with their ATM pin code or a one-time pin code sent to their mobile phones.
Each Masterpass transaction is classified as an Authenticated Mobile Transaction by South African banks, ensuring that consumers enjoy the highest protection from fraudsters.
“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,” says Mark Elliott, Division President, Mastercard, South Africa. “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.”
Since its launch in 2013, SnapScan has grown its acceptance exponentially, especially among small businesses that traditionally did not have access to traditional Point of Sale devices and relied on cash payments. It makes accepting digital card payments cheap and easy, with merchants simply needing to display a QR code at the till, online or on a bill.
“Given SnapScan’s extensive acceptance footprint, the ability to offer merchants a single QR code, which will accept payment from multiple mobile wallet solutions such as Masterpass, is the driving force behind creating interoperability,” says Lincoln Mali, head of group card and payments at Standard Bank. “We believe that interoperability between digital payments platforms is one of the keys to driving digital payments usage and acceptance in South Africa.”
