Ukash claims to be revolutionising internet based financial transactions.
Currently available in South Africa, the United Kingdom and Europe, Ukash, a
Smart Voucher Ltd entity, offers consumers a platform to make transactions using
a Ready-To-Spend pin code, which can be utilised at several Ukash vendors
online. The pin code can be acquired by converting cash at one of 275 000
locations globally, and there are presently developments underway for online
bank transfer facilities.
The process is simple:
Registration as a Ukash member is completed online.The member then exchanges
cash for a 19 digit Ukash pin voucher, which is an assured payment when
presented online. They can be purchased at petrol stations, corner stores, post
offices, news stands and where there are 'PayPoint', 'payzone' or 'e-pay' signs.
Vodafone subscribers can redeem vouchers via their mobile phones in
£10 increments. The voucher contains no personal or financial information
about the bearer, thereby eliminating all the fraud and security concerns that
consumers face when using other transactional mechanisms.
Once online at any Ukash vendor, such as Skype, Habbo and santa.co.uk, or
gaming site (partypoker.com and 888poker.com), the consumer cashes in his/her
voucher in exchange for products, services and gaming credits, using the Ukash
Convert Tool. This service is free. If the consumer requires change, or is
cashing in his/her winnings at an online casino, another voucher with a new code
is issued, detailing the new monetary value.
As a Ukash member, tools are made available to the consumer to combine,
convert and split high-value ukash vouchers into smaller vouchers. Ukash is also
used as a cash top-up facility for e-money/e-wallets, including Neteller, PayPal
Ukash is fast becoming the preferred online payment technology. Consumers are
able to monitor their own spending. They are not subject to exorbitant
transactional charges and fees. The only costs incurred would be if a consumer
cashes in his/her voucher internationally, since the converter tool uses dynamic
exchange rates provided by a foreign exchange banking provider. They are not
under the threat of identity theft and fraud often derived from issuing private
banking details and personal information. They do not need a bank account.
Consumers are not restricted by age for the procurement of vouchers, but
parents of minors should be aware that underage online gambling is a criminal
Ukash is registered and compliant with the United Kingdom Financial Services
Authority (FSB), and currently has vendor affiliates in numerous locations
across the world, including Belgium, South Africa, France, Germany, Ireland, the
Netherlands, Poland, Spain, Sweden, Russia, Slovenia and the United Kingdom.