This product was initially designed in particular for the “un-banked” and “under-banked” market segments, but as innovative UEPS products and services are being unveiled at affordable pricing and offering convenience and security, so is the interest and need arising from the “banked” sector.
This product eliminates the need for cash through the introduction of electronic funds guaranteed by a financial institution. It removes cash at the source, normally being the place of employment, by allowing salary, wages, pensions and social grants to be paid electronically, in either offline or online environments, directly onto a UEPS smart card thereby removing the potential for fraud, crime and violence normally associated with cash payments. It removes the responsibility of theft claims against the employer by the employee/beneficiary as the amount deposited to the card is precisely recorded and saved in the system.
This product increases productivity in the work environment and reduces administration labor costs as little time is required to distribute electronic value when compared to cash pay packets. It can substantially reduce the costs associated with the management, transportation, delivery and general handling of cash.
Those employers utilizing traditional banking applications to manage their payroll, fully understand the administration and transportation costs involved for them to transport their employees into urban areas in order to obtain their wages via an ATM which, in the smaller semi-urban areas, cannot cater for large amounts of cash being dispensed in respect of wages for +- 1000 to 2000 employees on the same day. The banks themselves are closed from Saturday midday through to Monday morning. The ATMs run out of cash which normally results in the employer, in particular on the farms, having to advance funds to employees for the weekend. This scenario results in further administration for the employer to pay and collect back the monies owed the following week.
Through necessity, the employers have had to provide their own form of financial services to their workers in the form of loans, savings etc. The UEPS smart card eliminates this process as the employee can opt to have a portion of his/her wage loaded directly to a separate SAVINGS WALLET on the card itself. Interest will be calculated on the current daily balance and paid monthly to the cardholder.
In order to ensure that all UEPS smart card holders can obtain their salary/wage when required, the UEPS offers three different methods of loading the smart card via the UEPS POS (Point of Sale) device.
- Online – Online Auto Load (Communication Network – X.25 / GPRS / TCP/IP etc)
- Offline-Automatic – (Download of the encrypted 10-digit signature codes to the memory of the POS or SD Card which is inserted in the POS device for loading)
- Offline Manual – (Manual Keying in of the 10-digit signature code for decryption)
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- Security – if they lose their card they do not lose their money
- Biometric fingerprint protection – no one can access their funds without their fingerprint being presented when spending and/or performing cash withdrawals
- Reduces banking charges as spending from the card is FREE OF CHARGE
- The facility to transfer money to their friends and relatives who have also been issued with a UEPS client card
- The facility to transfer money to their friends and relatives who are un-banked using the UEPS CARD2PERSON facility
- The facility to perform 3rd party bill payments to companies in respect of school fees, electricity, water, clothing and furniture accounts etc.
- The facility to allow a nominated secondary user to be biometrically enrolled on the same card allowing them to either access their Primary wallet or have them transact from a separate SECONDARY WALLET
- The facility to save and earn interest on the card
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