South Africa-based Net 1 Universal Electronic Payment System Technologies (Net1) and Visa are planning to roll out virtual credit card technology in India.
To be launched initially in South Africa, the transaction processing solution favours smart card-based alternative payment system for the non-banked and under-banked populations of developing countries.
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The solution’s offline capability allows users to conduct transactions at any time with other card holders at remote areas, with the presence of a smart card reader.
Net 1 said their market-leading system can enable the billions of people globally who generally have limited or no access to a bank account to enter affordably into electronic transactions with each other, government agencies, employers, merchants and other financial service providers.
Net1 CEO and chairman, Serge Belamant, said they would extend their universal electronic payment system and virtual credit card technology to India by leveraging co-operative agreements between South Africa, Brazil and India.
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