SmartSwitch Products
Wage Payments
Our payments system is used to effect wage payments to employees who have difficulty in accessing traditional bank accounts. Employers effect a single payment to the bank and then simply send us a file of how the wage total should be split between their card carrying employees. The file is automatically processed and card holders can immediately collect salary from any participating store. No more waiting in long queues at banks to collect salaries. Cardholders can either withdraw money at the cashier OR spend directly from the card.
- Money left on the card earns interest and is much safer than carrying of cash.
- Fingerprint identification is used for all transaction and is the most secure way of transacting that exists.
- Fees are reduced to a minimum in line with the objective of bringing banking to the people.
- No minimum salary is needed to open a smart card account.
- No minimum balance is needed on the smart card.
- Spends directly off the card attract no fee.
- Credit check prior to the issuing of the card are unnecessary – as this is a debit card it cannot be overdrawn.
Social Welfare and Government Payment Platform
SmartSwitch specialize in offering government a cost effective and efficient means to pay money to recipients. Currently the Food Coupon system facilitates payment approximately 55 000 social grant recipients as part of the Food Coupon System. The system has eliminated the need to transport cash to remote areas and simplifies the payment by government. A network of in excess of 800 participating merchants means that government can effect payment to card holders all over the country without handling any cash at a fraction of the cost of traditional methods of payment.
The biometrics ensures that State money is not wasted on ghost beneficiaries and offers government a cashless means to effect payment.
Benefits to Card Holders
- Convenience and security to beneficiaries
- Reduce risks re fraud and criminal attacks
- No long queues at pay points to receive payment
- Beneficiary can spend / draw only as much cash as they need
- Reduced transport costs to get to pay points / walk shorter distances
- Beneficiary access to affordable financial services eg burial policy
- Functionality to save and earn interest on card
- Money transfers to other card holders
- Lost card does not lose the money