SmartPay had launched a new Universal Electronic Payments System (U.E.P.S) in Zimbabwe. The first of its kind in the country, it is set to help ease the banking problems currently facing the country.
The platform will also link the payment systems of all banks, savings and loans companies, and building societies in Zimbabwe.
SmartPay says it is set to enable users to make payments both online and offline in addition to taking the banking services to the banked and the unbanked in the country.
The service will enable loading and spending of e-cash, settlement of inter-bank claims in addition to other online transactions.
The company says that customers will be able to effect transactions while offline, with the areas without good communication infrastructure, or lack of power.
SmartPay also brings a card called the SmartPay smartcard that provides a new and secure way of paying for goods and services throughout the country based on biometric (finger print) 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 in a Point of Sale (POS) or an ATM, and there is no minimum income requirement for individuals to use the SmartPay smartcards, something that will make the cards more accessible.
Users can be able to get interest of their card balances, a benefit not available to them on a when transacting solely on cash. To the Merchants and Financial Service Providers, the amount needed to be held in their premises reduces something that will increase security and reduce expenses.
