By Raphael Michilis
SmartPay has launched their new electronic payments platform Universal Electronic Payments System (UEPS) Switch in Zimbabwe, which the company claims is the first of its kind in the country.
The company says UEPS Switch is set to ease banking problems in Zimbabwe.
The UEPS Switch will enable settlement of inter-bank claims and link the payment systems of all banks, savings and loans companies, and building societies in Zimbabwe.
The platform will also serve the underbanked and unbanked segments of the country, enabling customers to load and spend e-cash, and other online transactions.
In addition, the platform is said to allow its users to make electronic payments even if they are offline.
SmartPay states on its website that “customers are able to effect transactions ‘offline’ in underdeveloped areas where power and communication infrastructure maybe lacking.”
SmartPay counts on a growing mobile market to support its business in Zimbabwe. Mobile phone penetration rocketed from 40% in 2010 to 66% in 2011.
SmartPay also brings a biometric smartcard that provides a new and secure way to pay for goods and services throughout the country based on fingerprint identification.
The smartcards can engage in sophisticated transaction processing while offline, where security is ensured by data encryption and biometric control.
All transactions happen from the connection between a customer card and another card through a Point of Sale (POS) or an ATM. There is no minimum income requirement for individuals to acquire a SmartPay smartcards.
Users should also be able to get interest of their card balances, says the company website.
SmartPay has launched their new electronic payments platform Universal Electronic Payments System (UEPS) Switch in Zimbabwe, which the company claims is the first of its kind in the country.
The company says UEPS Switch is set to ease banking problems in Zimbabwe.
The UEPS Switch will enable settlement of inter-bank claims and link the payment systems of all banks, savings and loans companies, and building societies in Zimbabwe.
The platform will also serve the underbanked and unbanked segments of the country, enabling customers to load and spend e-cash, and other online transactions.
In addition, the platform is said to allow its users to make electronic payments even if they are offline.
SmartPay states on its website that “customers are able to effect transactions ‘offline’ in underdeveloped areas where power and communication infrastructure maybe lacking.”
SmartPay counts on a growing mobile market to support its business in Zimbabwe. Mobile phone penetration rocketed from 40% in 2010 to 66% in 2011.
SmartPay also brings a biometric smartcard that provides a new and secure way to pay for goods and services throughout the country based on fingerprint identification.
The smartcards can engage in sophisticated transaction processing while offline, where security is ensured by data encryption and biometric control.
All transactions happen from the connection between a customer card and another card through a Point of Sale (POS) or an ATM. There is no minimum income requirement for individuals to acquire a SmartPay smartcards.
Users should also be able to get interest of their card balances, says the company website.
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