Net 1 U.E.P.S. Technologies, Inc.
Net 1 UEPS Technologies, Inc. provides payment solutions and transaction processing services in South Africa. It engages in the designing, developing and marketing of secure transaction technology, solutions and services and offer transaction processing, financial and clinical risk management solutions to both funders and providers of healthcare. The company operates in five segments: South African Transaction, International Transaction, Smart Card Accounts, Financial Services, Hardware, Software and Related Technology Sales. The South African Transaction segment consists mainly of a state pension and welfare benefit distribution service provided to the South African government and transaction processing for retailers, utilities, medical-related claim service customers and banks. The International Transaction segment operates through KSNET, Inc, which provides payment processing services and to a lesser extent from the sale of goods, primarily point of sale terminals, to customers in Korea. The Smart Card Accounts segment provides smart card accounts in South Africa. The Financial Services segment provides short-term loans as a principal and life insurance products on an agency basis and generates initiation and services fees. The Hardware, Software and Related Technology Sales segment markets, sells and implements the UEPS as well as develops and provides Prism secure transaction technology, solutions and services. The company was founded by Serge Christian Pierre Belamant in 1989 and is headquartered in Johannesburg, South Africa.