Zimbabwe’s first universal electronic payment system has been unveiled by a firm called Smart Payment Solution.

The system, called SmartPay, is built around a set of hardware and software that together form a closed transaction and payment control mechanism.

Miriam Mutizwa, managing director at Smart Pay, said SmartPay’s electronic banking concept was targeted at the unbanked, under banked and facilitation of cashless transactions market with a prepaid smart card/ debit card issued via retail and community agents.

"The system is expected to link the payment systems of all banks, savings and loans companies and building societies in Zimbabwe," she said.

Mutizwa said services offered via the smart card would range from wage payments, pension payments, social grant payments, cash deposits, cash withdrawals and balance enquiries.

She added that the service would also include transaction lists directly from the card, deposit without card, wallet to wallet transfers, money transfers between smart cards, bank accounts and un-banked people, third party bill payments to registered, linked & once–off merchants among others.

"Smart card technology is fast becoming an everyday thing in our culture and daily lives,” Mutizwa said.

"The system is based on the world-renowned U.E.P.S smart card transaction and settlement switching system that uses the NET-1’s patented Funds Transfer System (FTS).

She said the solution is a fully integrated method of transacting with electronic money, with all the benefits of using cash but without any of the attendant risks.

"It can replace all of the current financial delivery systems such as paper money and coins, credit and debit cards, cheques and passbooks.