Net1 gains MasterCard security certificate for S. African e-purse, with help of FIME

10 September 2012

The testing and security quality assurance group, FIME, has helped Net1 UEPS Technologies gain a MasterCard Compliance Assessment and Security Testing (CAST) certification for its South African e-purse payment solution. The consultants helped the vendor prepare to be certified at the Thales IT Security Evaluation Facility (Thales ITSEF), which is a MasterCard approved security evaluation centre in South Africa.

Through the supply of chip card technologies and systems, Net1 provides alternative payment solutions for populations in developing economies with no, or limited access to traditional banking facilities, with its e-purse in South Africa being the latest such offering. Net1 appointed FIME to assist in the preparation for evaluation and certification of its e-purse application to ensure it met MasterCard’s security requirements.

"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,” explained Nitin Some, Chief Technology Officer (CTO) at Net1, when discussing the importance of the CAST certification. “Security testing is crucial to ensure that all products and solutions are successfully and efficiently developed and brought to market. We are delighted to work 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."

By Neil Ainger

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