Mastercard and South Africa’s Entersekt have collaborated to enable Nedbank’s customers to make QR payments.
The collaboration will enable payments to be made to Masterpass, Pay@, SnapScan, and Zapper merchants and billers through the Nedbank Money app, whether they are paying online or at a physical point of presence.payments.
A QR Code is a two-dimensional barcode consisting of a black and white pixel pattern which allows to encode up to a few hundred characters. Today’s smartphones and tablets are able to recognize and decode them exceptionally fast – it’s not surprising that QR stands for Quick Response.
The QR code – which has had a wild ride – is going to both speed up the e-commerce payment experience and make it more secure.
Now Nedbank Money users need just one smartphone app for all major domestic scan-to-pay services, representing a combined footprint of more than 100,000 retail points of presence and 800 billers.
Consumers scan the QR code displayed on the checkout lane screen with their phones to pay for their goods with the payment method they have stored on their app.
The QR code conveys the purchase transaction information to the application on the mobile device where the payment is initiated
“The enablement of Masterpass scan-to-pay capability within the Nedbank application represents yet another important milestone in the digital payment convergence journey,” says Mark Elliott, division president, Mastercard Southern Africa.
Named Nedbank Scan-to-Pay, the feature was developed by Entersekt, a local provider of mobile-first fintech solutions, with which Nedbank has had a long-standing relationship.
Through its integration with Masterpass, Entersekt’s payments enablement product Connekt enables all the scan-to-pay services in the Nedbank banking app.
The feature has been rolled out to users of the Nedbank Money app following an automatic update.
Since Nedbank customers will already have their credit and debit card details loaded on the app, they will be able to make QR-code–based mobile payments to Masterpass, Pay@, SnapScan, and Zapper merchants without any further effort on their part.
Nedbank Money users will also benefit from better security. They will make payments via one single, trusted application rather than needing to store card data in multiple apps, and they will be able to use biometrics as an authentication method, another first from Mastercard, Entersekt, and Nedbank.