SnapScan, a local fintech company specialising in contactless payments, has recently launched a new version of the SnapScan Wallet, making it easier for people to quickly send money to a friend who also has the app installed on their phone. Recipients will instantly see the money reflected in their SnapScan Wallet.
“Our research showed that repaying a friend for small purchases like coffee or lunch was a major pain point. The SnapScan Wallet gives people from different banks an instant, free way to transfer money. What’s more, the process is streamlined and beats setting up an EFT,” says Caitlin Spring, Head of Growth and Marketing at SnapScan.
Whether users want to repay a friend for lunch, chip in for an office gathering, or help out a friend in a sticky situation, they can quickly send money to someone’s SnapScan Wallet. The money will remain in the recipient’s Wallet until they choose to use it. Recipients can spend the money in their Wallet at any of the 60 000 businesses that have SnapScan, as well as within the app.
As an added bonus, neither the sender nor the recipient will be charged for the transaction. Users can send money as many times as they want, and won’t be charged for any of the transactions.
“Eliciting feedback from our teams who have direct interactions with customers is key to ensuring that we are making changes that customers want,” says Talis Stewart, Customer Experience Manager. “Our customers have told us that they’re looking for quick, convenient, and safe ways to transfer money to friends. We emphasised solving this problem for our app users when we developed our Wallet offering.”
“Giving people the ability to withdraw their funds to their bank account is another huge improvement to the SnapScan Wallet,” says UX Designer, Loren Carter. Thanks to these recent enhancements, users who possess a South African ID document and supported bank account can now verify their app. Once they’ve verified their app, they’ll be able to withdraw the money in their SnapScan Wallet to their linked bank account. There’s just a 3.5% charge when users withdraw money to a supported bank account.