View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Dashboards
  2. Deals
May 23, 2012updated 04 Apr 2017 4:14pm

SmartPay brings new e-payment platform to Zimbabwe

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 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.

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.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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.

 

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International