The world has over the years developed into a firm global village with countless financial transactions going on within and outside the borders. One business entity that has dedicated itself to providing payment solutions and transaction processing services is NET 1.
NET 1 has developed a comprehensive transaction processing solution that encompasses smart card based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels.This system can enable billions of people globally who generally have limited or no access to a bank account to enter into transactions.This system can serve government agencies, employers, merchants and other financial service providers. Key products provided include UEPS Technology, Mobile Virtual Card, Payment Transaction Management, Financial Services, Payroll Transaction Management and Hardware Solutions.
U.E.P.S technology is designed to provide the secure delivery of these products and services in the most under-developed or rural environments, even in those that have little or no communication infrastructure. Unlike a traditional credit or debit card where the operation of the account occurs on a centralised computer, each of the smart cards effectively operates as an individual bank account for all types of transactions. Mobile virtual card solution utilizes existing and traditional payment methods but enhances them by replacing plastic card data with a one-time-use virtual card data, hence eliminating the risk of theft, phishing, skimming, spoofing, etc. Payment transaction management service utilizes a complex set of processing rules defined by the card associations, central banks and local issuers governing the acceptance or rejection of the payment token/instrument presented to a merchant. Payroll transaction management service offers employers an easy and flexible method of making payments to creditors arising from payroll processing.
NET 1 is certainly a payment provider to count on when it comes to payment solutions.