Net 1 Ueps Technologies Inc was incorporated in Florida in May 1997. The Company is a provider of payment solutions and transaction processing services across multiple industries and in a number of emerging economies. It has developed and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. Its universal electronic payment system, or UEPS, uses biometrically secure smart cards that operate in real-time but offline, unlike traditional payment systems offered by major banking institutions that require immediate access through a communications network to a centralized computer. Its version of the UEPS technology have been certified by EMV, which facilitates its traditionally proprietary UEPS system to interoperate with the global EMV standard and allows card holders to transact at any EMV-enabled point of sale terminal or ATM. The UEPS/EMV technology has been deployed in South Africa through the issuance of MasterCard-branded UEPS/EMV cards to its social welfare grant recipient cardholders. It also provide secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It has expertise in secure online transaction processing, cryptography, mobile telephony and integrated circuit card (chip/smart card) technologies. The Company's technology is used in South Africa today, where it distributes pension and welfare payments, using its UEPS/EMV technology, to over nine million recipients across the entire country, process debit and credit card payment transactions on behalf of retailers. The Company is a provider of third-party and associated payroll payments in South Africa through its FIHRST service that processes monthly payments for approximately 1,300 employer groups representing over 850,000 employees. Its MediKredit service provides the majority of funders and providers of healthcare in South Africa with an on-line real-time management system for healthcare transactions. It performs a similar service in the US through its XeoHealth subsidiary. Its Competitors include the local banks and other transaction processors. The Company competes with other service providers on these aspects through SASSA's tender processes, when applicable, or through contract extension negotiations.