South Africa’s Standard Bank has purchased a majority stake in Firepay, the company behind South Africa’s mobile payments service SnapScan, for an undisclosed sum.

Firepay will continue operations as normal, with its existing management team in place.

Standard Bank head of cards and payments Lincoln Mali said: "This acquisition is yet another testament to Standard Bank's commitment to innovation and working with industry leading fintechs to bring relevant solutions to customers."

Firepay was launched in 2013. The company launched SnapScan the following year, in collaboration with Standard Bank.

SnapScan enables customers to make payments using only their mobile phone, and is currently used at over 32,000 physical and online merchants across the nation. The Firepay platform also supports payments for WeChat and Masterpass.