South African fintech company Entersekt has partnered Mastercard to enable Nedbank’s customers to make QR payments to Masterpass, Pay@, SnapScan and Zapper merchants and billers through the Nedbank Money app.
Entersekt, an innovator of mobile-first fintech solutions, said this was a market-first development that means 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.
The development builds on Mastercard’s strategy to ensure interoperability between its Masterpass digital payments platform and the country’s other major mobile and digital payments services.
“The enablement of Masterpass scan-to-pay capability within the Nedbank application represents yet another important milestone in the digital payment convergence journey,” said Mark Elliott, division president at Mastercard Southern Africa. “It furthers our goal of driving interoperability across the payments ecosystem, so that consumers can pay securely and conveniently anywhere and with any card from a single app on their smartphones.”
Named Nedbank Scan-to-Pay, the feature was developed by Entersekt, 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.
“Nedbank’s incorporation of scan-to-pay into its banking app is evidence of its understanding that effortless accessibility, underwritten by established client relationships, represents an important advantage for any bank that wants to achieve a greater share of the booming global market in mobile payments,” said Schalk Nolte, chief executive officer (CEO) of Entersekt.
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.