Ukheshe has announced details of the brand evolution of Masterpass to Scan to Pay. Scan to Pay will continue to provide seamless instant payment technology to banks, merchants, PSPs and consumers that add to the ever-evolving cashless commerce and digital payments landscape.
What is Scan to Pay?
Scan to Pay enables seamless QR code transactions between merchants and consumers. Merchants benefit from effortlessly creating and managing static or dynamic QR codes to receive payments, while consumers enjoy the convenience, safety, and security of making payments using their mobile devices, without the need for cash or physical cards.
Scan to Pay, Powered by Ukheshe is now the largest QR ecosystem in South Africa - serving more than six acquirers, 94 PSPs, 14 banks and fintechs, three MNOs and more than 500,000 merchants. Scan to Pay services 3 Million Direct App Downloads and is included in 16 Million Banking Apps. This seamless instant payment technology complements the constantly evolving landscape of cashless commerce and contactless digital payments.
“Our focus is on empowering a simple, secure and convenient payment method across all channels and devices. Whether an acquiring bank, issuer, PSP or direct consumer, no new technical integration changes will be required, as the evolution is purely a branding transformation,” explains Paul Selibas, President of Project Engineering at Ukheshe.
Business as usual
Ukheshe will continue to create and manage static and dynamic QR codes for all customers allowing them to keep accepting payments seamlessly as usual. “The progression from Masterpass to Scan to Pay is simply forging a new path on the same journey that brings new opportunities to QR payments within South Africa.” Selibas notes.
As a Banking as a Service (BaaS) and embedded finance enabler, Ukheshe remains steadfast in its drive to meet the payment acquisition needs of clients. The Scan to Pay product is a key part of that strategy in the South African market, as it offers fast and secure contactless payments that are cost-effective and versatile, with many integration options with other digital payment systems.
Looking ahead, Ukheshe's product roadmap includes the introduction of person-to-person payments. This will heighten financial inclusion for the previously underbanked, enabling them to go cashless with convenient, cost-effective, secure, and accessible money transfers between individuals.
“We are also excited about the potential integration of RPP as a payment system that enables real-time fund transfers between individuals or businesses from their bank accounts. RPP systems are designed to operate 24/7 and process payments within seconds, making them a fast and convenient way to send and receive money,” adds Selibas.
"Beyond that, our focus is on maintaining our position as the leading QR payment solution in South Africa, while also exploring opportunities for international expansion. With our passion for innovation and commitment to excellence, we are excited to see where this journey takes us," says Selibas.