Stanbic scales up innovation in efforts to cushion COVID-19 spread

  • Application connects one’s bank account to the payment platform
  • Account holders able to pay bills and make instore purchases using QR code scanning technology

Harare – Stanbic Bank, Zimbabwe’s largest bank by asset and deposits recently launched a technologically advanced application, SlydePay, as a means to help combat the transmission of COVID-19.

The application permits account holders to pay bills and make instore purchases on their phone using QR code scanning technology.

SlydePay is a platform which uses the wallet technology to connect one’s bank account to the payment platform, allowing customers to click on an already listed biller and instantly process payments in real time.

It uses the QR Code technology that enables registered shop owners to receive payments through this quick, no contact technology instantaneously. Customers do not have to use their bank cards if they are in an outlet that has the SlydePay QR code displayed at the pay point.

The application can be downloaded on Google Play and IOS stores.

Stanbic’s head of Personal and Business Banking, Patson Mahatchi, alluded that the bank is focusing on consumer trends inclusive of the constant use of the smartphone.

“Our strategy as a Bank is based on customer centricity, therefore, we are taking banking to where the customers are instead of asking them to come to the branch like in the old days”, he said.

The App is also equipped with Biometric security technology which makes it accessible to the owner of the smartphone or tablet only, even in cases where the device is hacked or stolen unauthorized individuals will not have access into the App.

Mahatchi added that the application allows customers quick and easy solutions to daily issues such as long queues, slow service in retail outlets amongst many others. For example, the QR code technology offered by SlydePay allows a customer to simply scan on a merchant’s code in order to make a payment at a retail outlet and this process takes less than 7 seconds to complete the transaction.

“We are really excited about the QR code no contact functionality, especially in this day where we are trying to find ways to minimize contact to avoid the spread of COVID-19”, said Mahatchi.

Equity Axis News


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