What does the Future of shopping and banking hold?
Shopping at the Grahamstown Festival will still be fun, but quite different this year. This year you can use your phone to pay for your purchases. Yes, you read correctly, your phone! How? With SnapScan, cell phone payment application. No cash and no bank-cards to fill up your purse. Or worse, to be lost or stolen, but I suggest you hold on to your phone tightly.
Future of shopping and banking – how does it work?
The system is dead easy to use. You simply download the free, yes free, application onto your smartphone and feed in your credit or debit card details. This information is stored on the phone and protected, using an innovative encryption procedure.
When you need to pay for an item – even a cup of tea – you simply take out your phone and scan the SnapCode (a square barcode) displayed at the participating shop. This identifies the shop and then prompts you to enter the amount you have to pay. To secure and complete the transaction, you have to enter a PIN which is yours and yours only.
Future of shopping and banking – how will the seller get paid?
As soon as you have completed your transaction, the merchant receives an SMS containing a confirmation of payment from SnapScan.
In a closed environment with hundreds of varied businesses, this system is perfect. The system is not restricted to these closed environments, as over 5 000 merchants around the country, many in Cape Town, are using the facility.
Future of shopping and banking – more to come
SnapScan is only one model of a whole new breed of banking services that are uncomplicated to use and becoming very popular. This according to Arthur Goldstuck, CE of WorldWideWorx, the internet research company. You won’t pay for the service. The business registered with SnapScan, which you buy from, pay a small fee to receive a payment on your behalf.
Cell phone technology is bringing fast change in the banking industry, and six years ago mobile banking applications did not even exist. The future of retail banking will be changed. You are not on your own as South Africa has 16 million smart phones users and 2 million more users will come on board this year.
The role of banks will not diminish, however it is definitely bound to change drastically. SnapScan was hatched in Stellenbosch and Standard Bank now owns it.
Get your app and be ready.