BGS Smartcard Systems announced that it will be merging with Net 1 UEPS Technologies, Inc, a Johannesburg-based company that has acquired 80.1% of BGS Smartcard Systems AG. Net 1 is a leading provider of smart card technologies and systems that create secure and affordable transaction channels between the formal business sector and the „un-banked“ and „under-banked“ populations of developing countries. Net 1 developed U.E.P.S. (Universal Electronic Payment System), a fully integrated payment, switching and settlement system suitable for multiple applications and services, whether deployed in undeveloped rural areas or highly developed first world markets. Net 1 technology incorporates software, smart cards, payment terminals, back-end infrastructure and transaction security.