Net 1 UEPS Technologies (Net1) wants to capture the smart card market. Incorporated in 1997, the company provides universal electronic payment systems (or UEPS), targeting unbanked or underdeveloped economies. The South African company sells its branded "smart card" payment system, which allows the user to bank offline (as long as the user has the company's portable offline smart card reader); the card requires no minimum income requirement. In addition to banking, the cards can be used for health care management, international money transfers, voting, and identification uses. Already entrenched in South Africa, Net1 has expanded into other African markets, as well as Europe, Asia, and Latin America.