FIME is providing consultancy services to Net1 UEPS Technologies, a provider of secure transaction channels to developing countries, resulting in a MasterCard Compliance Assessment and Security Testing (CAST) certification for its South African e-purse payment solution. Through the supply of chip card technologies and systems, Net1 provides alternative payment solutions for those developing economies with no, or limited access to traditional banking facilities. FIME’s role included the preparation for evaluation and certification of NET1’s e-purse application in line with MasterCard security requirements.

FIME also worked with Net1 during its CAST project to ensure the product would be successfully certified at the Thales IT Security Evaluation Facility (Thales ITSEF), which is a MasterCard approved security evaluation centre.

“As new technology continues to be a key growth driver in South Africa and other developing economies, it is extremely important that the region's financial card infrastructure is built on an interoperable and secure framework,” said Nitin Some, CTO at Net1. “Security testing is therefore crucial to ensure that all products and solutions are successfully and efficiently developed and brought to market. [We worked with] FIME to achieve the required security standard for our UEPS/EMV e-purse application, which provides an alternative payment solution to those with limited access to traditional banking facilities.”