According to the source, the SmartPay system is a switching system enabling financial institutions to receive deposits, merchants to process payments, organisations to pay salaries, users to make money transfers, withdraw money, pay bills, pay bus fare and other. In order to do this, consumers need to have a smartcard and use it to make transactions at SmartPay POS devices.
The system uses the Universal Electronic Payment System (UEPS) developed by NET1.
In November 2011, Smartpay teamed up with Net1, a subsidiary of US electronic payment systems provider Net1 UEPS Technologies, to launch a pilot project of Net1s Universal Electronic Payment System (UEPS) in Zimbabwe, following a venture capital transaction of USD 3 million.
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