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. Penetration of mobile devices in Zimbabwe rocketed from 40% in 2010 and 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, using data encryption and biometric control to ensure security.
All the transactions will occur between a customer card and another card at the POS or an ATM. There is no minimum income requirement for individuals to use the SmartPay smartcards.
Users will be able to get interest of their card balances as well.