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Net 1 Ueps Technologies Inc. (UEPS)

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Net 1 Ueps Technologies Inc.  


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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.

What is U.E.P.S.?

Background Information on the Technology

The first payment system developed using the FTS Patents is the proprietary system called the U.E.P.S. (Universal Electronic Payment System). The first 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 with none of the attendant risks. It can replace all the current financial delivery systems such as bank notes and 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 makes just as powerful an impression on the business models and profitability of first world financial and commercial enterprises.


Imagine a secure national payment system:

  • With universal reach, U.E.P.S. representing a utility unhindered by formal telecommunications infrastructures.
  • That manages the flow of funds between consumers, merchants and financial service providers.
  • That operates with the best 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.
  • Purchasing with 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 e-commerce explosion continues to be thwarted by security issues, the lack of verification and consumer reluctance to disclose sensitive credit or debit account information over the Internet.

Net1’s U.E.P.S. technology nullifies these concerns through the patented end-to-end security protocol that 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 around the world as the most innovative and secure protocol ever invented to manage offline and online smart card related transactions. Please see the independent report by Bruce Schneier in his book entitled Applied Cryptography, 2nd Edition published in the late 1990s.

The security of the system does not rely on the terminal hardware or the communications network that is used to transfer the resulting information. The protocols include cryptographic algorithms from the Data Encryption Standard (DES) to the more modern Elliptic Curve system. This methodology distinguishes the U.E.P.S. technology from all its competitors.

Key Features of the U.E.P.S. Payment System:

The U.E.P.S. technology includes functionality that allows the following:

  • Transparent and Automatic Recovery
  • Transaction Cancellation
  • Refunds
  • Multiple Audit Trails
  • Offline Loading
  • Biometric Identification
  • Continuous Debit
  • Multiple Wallets
  • Morphing
  • Automatic Credit
  • Automatic Debit
  • Interest Calculations
  • Milking / Batching

The U.E.P.S. Versus its Competitors:

The U.E.P.S. distinguishes itself from its competitors, with reference to cash, checks, credit and debit cards, as well as from other smart card based payment systems, in the following ways:

  • Little or no technology, and specifically no security, is required in the terminal itself thus reducing costs and allowing the effective proliferation of merchant 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, in 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.”

The U.E.P.S. Technology Deployment

Net1's U.E.P.S. technology is widely used in Africa, the CIS Republics, Russia and the Middle East and is making inroads into Vietnam, Indonesia, Colombia and other developing markets, where new projects have been rolled out. In South Africa today, over 3.8 million clients in five provinces receive social welfare grants on Net1 smart cards. Increasingly, these customers are using their smart cards at participating merchants to receive and spend their grants.

In Ghana, Net1 has implemented a National smart card settlement and switching system, which is now the de-facto payment standard and provides inter-operability with, and to, all the other payment systems, such as VISA and Mastercard.

In Iraq, Net1 has commenced the implementation of a National Payment System which already includes the two largest banks in Iraq, as well as a number of Government agencies.

In Russia, Net1's U.E.P.S., locally named DUET, has deployed in excess of 7 million cards to SBERbank's clients and the system is also present in numerous CIS republics.

Net1 technology incorporates software, smart cards, payment terminals, back-end infrastructure and transaction security, these technologies are coupled with years of experience in developing, integrating and upgrading transaction systems.

Within industry, Net1 technologies are applied to electronic commerce transactions  to provide solutions in the fields of social security, wage distribution, banking, medical and patient management, international money transfers, voting and identification systems.

Market sectors include Government and NGOsHealthcare, Telecoms, Financial Institutions, Retailers, Petroleum and Utilities.


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UEPS News: Net1 amends finalization dates for use of new stock tickers 05/17/2022 05:11:24 AM
UEPS News: Current Report Filing (8-k) 05/17/2022 05:01:32 AM
UEPS News: Quarterly Report (10-q) 05/10/2022 12:19:27 PM
UEPS News: Current Report Filing (8-k) 05/10/2022 12:07:29 PM
UEPS News: Net 1 Reports Third Quarter 2022 Results 05/10/2022 12:05:00 PM
#124   Net 1 UEPS Technologies (NASDAQ:UEPS) Upgraded to Hold EMPATHY 01/18/22 11:36:39 AM
#123   New Article https://stockmarketrevolution.com/archives/26736 JohnQQ 04/03/21 03:56:22 AM
#122   Insiders buying UEPS conix 03/29/21 04:03:56 PM
#121   UEPS Chart conix 05/26/20 02:39:45 PM
#120   News: $UEPS Net1 UEPS Technologies (UEPS) Q1 2020 whytestocks 11/09/19 09:30:25 AM
#119   $600,000 insider buy on 12/21 $UEPS fitzwell11 01/13/18 07:29:02 PM
#118   This will be a big 2018 mover $UEPS fitzwell11 01/13/18 02:38:59 AM
#117   Just can’t understand why this stock has not bryyep649 12/19/17 04:31:36 PM
#116   $UEPS Excellent SA article out today: https://seekingalpha.com/article/4127644-n Billybob_TX 11/26/17 05:40:08 PM
#115   UEPS buy 10.945 stocktrademan 11/25/17 12:58:42 PM
#114   Hello !!?? Anybody in this little beauty budgetthis 11/23/17 02:16:05 PM
#113   Sorry, havent been checking this board since it r clarke 10/19/16 06:39:58 AM
#112   ME2 --plse let me know when you get in ernie44 10/10/16 12:08:03 PM
#111   Moved up 3% on a DOW plus 121 r clarke 10/10/16 11:46:21 AM
#110   MICROCHIP 101- USA dragging banks feet ernie44 10/06/16 11:20:51 AM
#109   UEPS invests in Cell C. r clarke 10/05/16 06:09:38 PM
#108   NET 1 has been around for years so what ernie44 10/05/16 03:53:15 PM
#107   $UEPS recent news/filings stocktrademan 11/21/15 03:16:22 PM
#106   $UEPS recent news/filings stocktrademan 06/01/15 03:33:19 PM
#105   Net1 finalises R264m BEE deal ClarkKant 04/17/14 08:13:07 AM
#104   South African Constitutional Court Sets Aside Appeals Court G2G 11/29/13 10:47:55 AM
#103   What was the reason for the run up today? TR4GEDY 08/23/13 06:39:50 PM
#102   Cant wait to short this one cheapstocks 08/23/13 03:47:41 PM
#101   I don't know what happened either; haven't even Lawrence 147 08/23/13 01:26:27 PM
#100   Wow! this still has gas in the tank. Penny Roger$ 08/23/13 01:20:09 PM
#99   I wouldn't have a clue as to why Penny Roger$ 08/23/13 01:17:09 PM
#98   Wishing I hung onto this one too, LOL Lawrence 147 08/23/13 01:05:17 PM
#97   same here pattiofurniture 08/23/13 11:42:03 AM
#96   "Imagine convenient, secure cashless transactions:" Penny Roger$ 01/31/13 09:49:10 PM
#95   I been in and out and get 30 Penny Roger$ 01/31/13 09:46:17 PM
#94   Not interested I take it? Lawrence 147 01/31/13 02:09:39 PM
#93   This is sure a crazy one today. Looks Lawrence 147 01/28/13 02:49:38 PM
#92   I'm out completely but yeah lookin good.. Shouldn't deadjim 12/12/12 09:49:08 AM
#91   Could get fiered up here again today on Lawrence 147 12/12/12 09:48:18 AM
#90   Missed it by a bunch; Still believe in monday Lawrence 147 12/07/12 04:54:03 PM
#89   So many day traders shorting this early, this Lawrence 147 12/07/12 03:15:05 PM
#88   Estimated close around $5.30 give or take with Lawrence 147 12/07/12 01:57:28 PM
#87   Look at that bid ask spread .01 to Lawrence 147 12/07/12 01:33:26 PM
#86   I think you are right, but it is Lawrence 147 12/07/12 12:15:04 PM
#85   still here and watching from the sidelines. TexasRambler 12/07/12 11:12:05 AM
#84   lotta people are shorting this up here. i deadjim 12/07/12 11:02:05 AM
#83   I'll hope you're right. philca 12/07/12 11:01:47 AM
#82   $6 or better on Monday, thats what I Lawrence 147 12/07/12 10:56:27 AM
#81   I'm out at 5.26$....more than 50% profit and philca 12/07/12 10:54:52 AM
#80   just a few. looking toppy up here. deadjim 12/07/12 10:44:22 AM
#79   Everybody, still in??? philca 12/07/12 10:08:50 AM
#78   Hey boys, anyone home?????? philca 12/07/12 10:06:18 AM
#77   Oh boy, Did I look like snooty or TexasRambler 12/06/12 11:52:19 PM
#76   i'm not sure how to interpret this comment. deadjim 12/06/12 08:21:47 PM
#75   funny you mention that. i sold from 3.73- TexasRambler 12/06/12 08:18:10 PM
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