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Virtual credit card technology coming to India

 Internet 1 Universal Electronic Payment System Technology (Net1), dual-listed in america and South Africa, is planning a roll-out of their services in India in a link-up with international payments company Visa.

Net1's leader and chairman Serge Belamant stated the Indian government was keen on the biometric verification technology that the company has been using in South Africa.

This is usually to ensure secure check of social stability grants.

But this company. is still dealing with a battle regarding alleged irregularities when it absolutely was awarded the multi-million buck tender for administration of social grants by the South African federal government.

Competitor AllPay, a subsidiary of Absa Standard bank, successfully challenged the awarding with the tender in December last year, when the Constitutional Court found that the tender process ended up being invalid. The court is usually to pronounce this week on remedy that must be made.

Reporting the business's second quarter results to shareholders, Belamant said they can extend its common electronic payment technique and virtual bank card technology to Asia by leveraging co-operative deals between South Africa, Brazil and Asia.

There was zero indication of financial returns to the company in Asia, while no discussions had occurred with Brazil but, Belamant said.

"We have developed and market a thorough transaction processing alternative that encompasses each of our smart card-based different payment system to the unbanked and under-banked populations connected with developing economies and also for mobile financial transaction channels, ' Net1 claims on its internet site.

"Our market-leading technique can enable the billions of people globally exactly who generally have minimal or no use of a bank account to enter affordably in electronic transactions with each other, government agencies, companies, merchants and other financial agencies.

Net1 said their offline capability meant that users can conduct transactions whenever you want with other minute card holders in even by far the most remote areas so long as a smart minute card reader, which is usually portable and battery power powered, is accessible.

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