Net 1 UEPS Technologies Inc (JSE:NT1) or Net1, is a leading provider of payment solutions, transaction processing services and financial technology across multiple industries and in a number of emerging and developed economies.

Net1 has developed a comprehensive transaction processing solution that encompasses a smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. Its 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's universal electronic payment system, or UEPS uses biometrically secure smart cards that operate in real-time but offline, unlike traditional payment systems offered by major banking institutions that require immediate access through a communications network to a centralized computer. This offline capability means that users of our system can conduct transactions at any time with other card holders in even the most remote areas so long as a smart card reader, which is often portable and battery powered, is available. Net1's off-line systems also offer the highest level of availability and affordability by removing any elements that are costly and are prone to outages.

The group's latest version of the UEPS technology has been certified by the EuroPay, MasterCard and Visa (EMV) global standard which facilitates its traditionally proprietary UEPS system to interoperate with the global EMV standard and allows card holders to transact at any EMV-enabled point of sale terminal or automated teller machine, ATM. The UEPS/EMV technology has been deployed on an extensive scale in South Africa through the issuance of MasterCard-branded UEPS/EMV cards to the group's social welfare grant customers. In addition to effecting purchases, cash-backs and any form of payment, Net1's system can be used for banking, healthcare management, international money transfers, voting and identification.

Net1 also provides secure financial technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. The group has extensive expertise in secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base.

Net1 technology is widely used in South Africa today, where it distributes pension and welfare payments, using its UEPS/EMV technology, to over ten million recipient cardholders across the entire country, process debit and credit card payment transactions on behalf of a wide range of retailers through its EasyPay system, process value-added services such as bill payments and prepaid airtime and electricity for the major bill issuers and local councils in South Africa, and provide mobile telephone top-up transactions for all of the South African mobile carriers. Net1 is the largest provider of third-party and associated payroll payments in South Africa through its FIHRST service. The group also provides financial inclusion services such as microloans, insurance, mobile transacting and prepaid utilities to its cardholder base.

In addition, through KSNET, Net1 is one of the top three value-added network, or VAN, processors in South Korea where it offers card processing, payment gateway and banking value-added services. Net1 has expanded its card issuing and acquiring capabilities through the acquisition of Transact24 in Hong Kong. Its Masterpayment subsidiary in Germany provides value added payment services to online retailers across Europe. The group's XeoHealth service provides funders and providers of healthcare in United States with an on-line real-time management system for healthcare transactions.

Net1's South African and Indian business units are responsible for the worldwide technical development and commercialization of its array of web and mobile applications and payment technologies, such as Mobile Virtual Card, Chip and GSM licensing and Virtual Top Up.