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BANKING ON A REVOLUTION - CASHLESS SOCIETY
Net 1 UEPS Technologies, Inc., together with its subsidiaries, provides universal electronic payment system (UEPS), as an alternative payment system for the unbanked and under-banked populations in South Africa. (and Iraq)
The company’s system uses secure smart cards that operate in real time but offline, which means users of the system can enter into transactions at any time with other card holders in even the remote areas so long as a smart card reader is available. In addition, the system can be used for banking, health care management, international money transfers, voting, and identification.
It operates in four segments: Transaction-Based Activities; Smart Card Accounts; Financial Services; and Hardware, Software, and Related Technology Sales. The Transaction-Based Activities segment provides a state pension and welfare benefit distribution service to governments in South Africa. It also offers wage payment, point of sale, medicine distribution, money transfers, and prepayment of utility bills utilizing its UEPS system.
The Smart Card Accounts segment provides smart card accounts, which consists of social welfare grant beneficiaries to its card holders. The Financial Services segment provides financial services, such as short-term loans and life insurance products to card holders through its smart card delivery channel.
As of June 30, 2008, this segment also operated a microlending business with approximately 71 branches. The Hardware, Software, and Related Technology Sales segment offers customers the hardware and software required to implement its UEPS system.
BANKING ON A REVOLUTION - CASHLESS SOCIETY
Net 1 UEPS Technologies, Inc., together with its subsidiaries, provides universal electronic payment system (UEPS), as an alternative payment system for the unbanked and under-banked populations in South Africa. (and Iraq)
The company’s system uses secure smart cards that operate in real time but offline, which means users of the system can enter into transactions at any time with other card holders in even the remote areas so long as a smart card reader is available. In addition, the system can be used for banking, health care management, international money transfers, voting, and identification.
It operates in four segments: Transaction-Based Activities; Smart Card Accounts; Financial Services; and Hardware, Software, and Related Technology Sales. The Transaction-Based Activities segment provides a state pension and welfare benefit distribution service to governments in South Africa. It also offers wage payment, point of sale, medicine distribution, money transfers, and prepayment of utility bills utilizing its UEPS system.
The Smart Card Accounts segment provides smart card accounts, which consists of social welfare grant beneficiaries to its card holders. The Financial Services segment provides financial services, such as short-term loans and life insurance products to card holders through its smart card delivery channel.
As of June 30, 2008, this segment also operated a microlending business with approximately 71 branches. The Hardware, Software, and Related Technology Sales segment offers customers the hardware and software required to implement its UEPS system.
The company also leases terminals to merchants and provides an automated payment collection service to third parties.
In addition, it develops and provides secure transaction technology, solutions, and services for electronic commerce transactions in the telecommunications, banking, retail, petroleum, and utilities market sectors. The company was founded in 1989 and is headquartered in Johannesburg, South Africa.
Pdf file Smart Cards in Iraq also note on the second page they mention Iraq and it's cut short?
Pdf file Smart Cards in Iraq also note on the second page they mention Iraq and it's cut short?
http://www.net1.com/main.aspx?ID=5
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