About Net1

About Net1

Net1’s Mission Statement

“To provide a secure, universal and affordable transacting system for all, utilizing existing infrastructures that will enable the majority of people unqualified access to previously inaccessible goods and services, resulting in the upliftment of their lifestyles, whilst opening up new, low risk and profitable markets for the suppliers concerned.”

Who is Net1?

Net1 is the leading provider of secure and affordable transaction channels between formal business and un-banked and under-banked individuals.

Through the supply of chip card technologies and systems such as its Universal Electronic Payment System(U.E.P.S.)  Net1 provides alternative payment solutions for populations in developing economies that have no or limited access to traditional banking facilities, estimated at four billion people.

Net1’s U.E.P.S. allows its target market to enter affordably into electronic transactions with each other, government agencies, banks, employers, merchants and other financial service providers. This is believed to be a global first.

The system uses secure smart cards operating in real-time but offline, including the SIM card present in mobile phones, to provide a fully integrated payment, switching and settlement solution suitable for multiple applications and services. Its offline capability allows card holders to transact with other users at any time in even the remotest of areas where traditional payment systems offered by major banking institutions have limited penetration or are unavailable due to no, or limited branch, ATM, POS and communications infrastructure.

U.E.P.S. provides an outsourced solution capable of managing, on a  large scale, payments made to recipients without bank accounts. It reduces administration and cash handling costs, facilitates payment status information management and creates auditable transaction records for individuals, government agencies, employers, merchants and other financial service providers.

Net1 International Presence