The Net1 Solution
The Universal Electronic Payment System (U.E.P.S.)
The first payment system developed using the Funds Transfer System (FTS) Patents is the proprietary Universal Electronic Payment System (U.E.P.S.) - it is the first global commercial electronic purse ever launched.
U.E.P.S. is a fully integrated method of transacting electronically, with all the benefits of using cash but none of the attendant risks. It can replace all current financial delivery systems such as paper money, coins, credit and debit cards, checks and passbooks.
Utilizing this patented technology, Net1 has developed and implemented a variety of unique systems that open the door for un-banked, under-banked and banked markets in emerging economies worldwide. The U.E.P.S. system has been designed to eliminate previous deficiencies encountered in electronic fund payment systems and to improve the lifestyles of its users. The system is user friendly and compatible with all international banking systems.
Whilst fundamental in terms of its social and environmental impact on the population of many of the world’s undeveloped economies, the U.E.P.S. technology can make just as powerful an impression on the business models and profitability of first world financial and commercial enterprises.
The Benefits
Imagine a secure national payment system:
- With universal reach that represents a utility unhindered by formal telecommunications infrastructures.
- That manages the flow of funds between consumers, merchants and financial service providers.
- That uses cutting edge international technology, protected by global patents.
Imagine convenient, secure cashless transactions:
- Requiring no online communication infrastructure or authorization procedures.
- Protected to eliminate unauthorized abuse.
- Incorporating a clear audit trail for tracking, reconciliation and loss tolerance.
- Representing the trading power of millions of consumers.
Imagine the impact of endlessly versatile information management systems:
- Providing a powerful, seamless collection of critical trading data.
- Protected and managed by secure technology and easily interfaced with resident systems.
- With a user base of millions possessing massive and active spending power.
The U.E.P.S. provides all these benefits!
The Features
The U.E.P.S. technology includes functionality that allows the following:
- Biometric Identification
- Automatic Credit
- Automatic Debit
- Continuous Debit
- Transaction Cancellation
- Refunds
- Multiple Wallets
- Interest Calculations
- Offline Loading
- Transparent and Automatic Recovery
- Multiple Audit Trails
- Morphing
- Milking / Batching
The Security
Electronic commerce continues to be plagued by security pitfalls, the lack of verification information and consumer reluctance to disclose sensitive credit or debit account information over the Internet prohibits meaningful commercial growth of the medium. Additionally, the relatively low penetration of Internet usage in Africa makes entry into online electronic commerce problematic.
| World Regions | Population(2008 Est.) | Internet Usage(Latest Data) | % Population(Penetration) | Usage %Of World |
|---|---|---|---|---|
| Africa | 975,330,899 | 54,171,500 | 5.6 % | 3.4 % |
| Asia | 3,780,819,792 | 650,361,843 | 17.2 % | 41.3 % |
| Europe | 803,903,540 | 390,141,073 | 48.5 % | 24.8 % |
| Middle East | 196,767,614 | 45,861,346 | 23,3 % | 2.9 % |
| North America | 337,572,949 | 246,822,936 | 73.1 % | 15.7 % |
| Latin America/Caribbean | 581,249,892 | 166,360,735 | 28.6 % | 10.6 % |
| Oceania / Australia | 34,384,384 | 20,593,751 | 59.9 % | 1.3 % |
| WORLD TOTAL | 6,710,029,070 | 1,574,313,184 | 23.5 % | 100.0 % |
| * SOURCE: Internet World Stats | ||||
Net1’s U.E.P.S. technology invalidates these concerns through its patented end-to-end security protocol which ensures that any active communication can only be interpreted by the cardholder and the merchant cards. The security algorithms and audit trail further counter the risk of fraud, repudiation or non-payment through the system.
The FTS Patent has been acclaimed by leading cryptographic authorities globally as the most innovative and secure protocol ever invented to manage offline and online smart card related transactions.**
U.E.P.S. system security does not rely on terminal hardware or the communications network used to transfer the resulting information. The protocols include cryptographic algorithms from the Data Encryption Standard (DES) to the more recent Elliptic Curve system. This methodology distinguishes the U.E.P.S. technology from all its competitors.
The U.E.P.S. vs. its Competitors
The U.E.P.S. is distinguished from competitor solutions providing cash, check payments, credit and debit card transactions and other smart card based payment services, in the following ways:
- Little or no technology, and specifically no security is required on the terminal itself thus reducing costs and allowing the effective proliferation of merchant service points.
- The terminal network can operate with or without the use of any communications infrastructure.
- The security encryption protocols enable cardholders to receive fund loading instructions from a third party through any insecure communication channel, such as word-of-mouth, telephonically, newspaper or any analogue or digital network.
“Net1’s commitment to ongoing technological innovation and product development will ensure that it remains a world leader in smart card related technologies.”
** Independent report by Bruce Schneier in “Applied Cryptography”, 2nd Edition published in the late 1990s.