We just received an invitation to the ‘unveiling’ and presentation of a Universal Electronic Payments System (UEPS) next week by a company called SmartPay. The system is basically a payment switch in the mould of something like ZimSwitch or Uniswitch, both local payment switching companies. SmartPay is referring to their system as the “first unique UEPS Switch system in the country.” Just how unique will obviously be clear next week.
According to the invitation, the SmartPay solution is targeted at the unbanked and under-banked market. We’re not sure how as so far there’s no mention of the one thing switching companies have been chasing over the past few years; the mobile phone. It also doesn’t mention how it will resolve the trust problem that people locally have with traditional banks, so that these unbanked and under-banked can be lured into (and back into) banking their money.
It’ll also be be interesting to see if the solution was developed here or the company is deploying a white label switching solution. Both ZimSwitch and 23rd Century Systems (UniSwitch) develop their systems locally.
But that’s the beauty of surprise, and we’re looking forward to it. In the meantime, you can read more about them on their website, www.smartpay.co.zw.
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The UEPS is a product of Tel1 (jse). (www.net1.com/). they have been working on the project for a while now. It involves registering people in the same manner as does Ecocash only their POS machines are going to be biometric (dont know if its the right word). They will use thump recognition coupled with your ID and photo. Their model is based on giving vendors, general dealers etc the POS so that they become merchants together with organisation such as commuter transport operators etc. the product is much the same as Ecocash only its POS based. i would attend it if i could get an invitation.
my question is
1. Are they an independent switch i.e. are they on the RTGS system and how will they conduct their interbank settlements
2. If they have chosen the Ecocash route, which bank are they riding on.
They are introducing the mark of the beast spoken of in Revelations in the bible. Very soon you will not be able to buy or sell unless you have the mark of the beast in your right hand or forehead. Even a combi ride will become a hassle. Your only option would be to use your God-given mobility.
a breath of fresh air…. eco is in high side charge wise
Obviously you are vaguely familiar with 23rd Century Systems (UniSwitch). I happened to visit their stand at ZITF and i was left unimpresed. They now only do SAP ERP stuff. They, in their own words, do not have or do Uniswitch anymore. There is no impressive technology 23rd century Systems has developed. Like i said, I was at the trade fair and i saw nothing of theirs. I was told of an e-governement project via mobile next door which i never saw.
I was more impressed with the NUST student’s mars rover, at least i saw whwta they did.
Anyway, it appears SmartPay will be introducing a new foreign currency to Zimbabwe as their Fees section paragraph 3 says, GHANAINAN CEDIs. http://www.smartpay.co.zw/fees.htm
What happened to this project?