Scan to Pay takes centre stage in Spenda’s Fintech Suite
24 Jun, 2024

 

Paul Selibas, Division President at Scan to Pay

 

Despite the global move towards digital transacting, 1.4 billion people worldwide remain unbanked. It’s these individuals that payment service providers like Spenda are empowering through the use of innovative payment solutions that address the financial inclusion gap.

 

In its latest move to do so, Spenda has integrated Scan to Pay to launch Spenda Scan to Pay. Spenda Scan to Pay aims to address issues of affordability and accessibility, leveraging the largest QR ecosystem in South Africa, in its unique offering. This will allow Spenda, an emerging market player, to benefit from Scan to Pay’s expertise and innovation in digital payments – specifically, its voucher solutions.

 

Affordability meets accessibility

Spenda’s customers can now purchase vouchers from its platform and use scan-to-pay technology for secure and instant transactions at over six hundred thousand merchant locations that include Shoprite, Checkers, Pick ‘n Pay, Engen, Shell, Takealot, Snapscan, Makro and many others.

 

Merishka Harilall, Spenda CEO, says integrating Scan to Pay’s technology into its offering has unlocked greater accessibility, flexibility, and convenience for its customers. “Spenda has been able to offer the market incredible value through affordability with its its voucher programmes with Spenda Scan to Pay. This product will not only offer our users real value and an effective mobile payment solution, but it’s also proven to be safe and secure.”

 

To take advantage of the voucher feature, in the near future users will simply need to log into the Spenda platform, select a voucher amount, and enter the recipient’s cellphone number. Payment options will include EFT, app-linked cards, deposits at Pick n Pay, or Nedbank ATMs. Once the recipient has also registered with Spenda, they can then use the voucher for a wide range of transactions on the Spenda mobile app, from till purchases to bill payments, and online shopping to buying airtime – securely and instantly.

 

With the introduction of Scan to Pay’s technology into Spenda’s suite, Spenda now offers a comprehensive range of services tailored to meet the diverse needs of its users, aiming to eradicate poverty and hunger through its first market offering. Spenda runs a seamless and secure ecosystem that adapts to the evolving demands of modern life in emerging markets.

 

Scan to Pay is the largest QR ecosystem in South Africa and is tried and tested by consumers. It is the QR payment platform of choice of more than 600 000 merchant locations, 14 banks and fintech companies and 94 payment service providers as well as six acquirers. And it’s not only convenient but also safe and secure – users can rest assured knowing that their details are safely processed and are not revealed to the person or business processing the voucher at the time of payment.

 

“Spenda’s growth plans include exciting new market offerings that aim to benefit both customers and businesses by helping to bridge the financial inclusion gap in South Africa and further afield. Our solution enables individuals without traditional bank accounts to participate in digital transactions through innovative and tailored solutions to the underbanked,” says Harilall.

 

Addressing the cost-of-living crisis

 

Paul Selibas, Division President at Scan to Pay, says Spenda’s vision aligns with that of Scan to Pay, making this a perfect collaboration. “Spenda’s broader strategic goals include digital inclusion, youth empowerment, and poverty eradication. Scan to Pay aligns with these objectives by providing affordable access to essential goods and services, fostering greater economic participation and empowerment.”

 

With 19 million underbanked individuals in South Africa, and over one million micro, small, and medium-sized enterprises still transacting exclusively in cash, there’s a lot of work to be done to include the entire population in the digital economy. “It’s clear that making digital transacting accessible to the underbanked and the informal segment is crucial. Not only will it improve financial access and help smaller merchants grow their business, but it will bolster the entire South African economy,” says Selibas.

 

Spenda aims to help do so through solutions like Scan to Pay, and more to come, says Harilall. “Spenda has built its South African offering as a base and has plans to soon expand its innovative solutions to Nairobi, Kenya, and eventually to the entirety of Africa.

 

“We want to help confront South Africa’s cost-of-living crisis by empowering individuals and communities through innovative financial solutions and extend these solutions to the broader African market too. We envision a world where financial services are accessible and tailored to meet the diverse needs of every individual, and, with this goal in mind, we’re poised to revolutionise the way individuals access, manage, and utilise financial resources.”

 

ENDS

Author

@Paul Selibas, Scan to Pay
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