Beget signs exclusive agreement to distribute wireless point-of-sale and mobile ATM

Intellect Aero is a portable device that uses GPRS (Global Packet Radio Switching) to carry out debit and credit card transactions faster than land lines or any other currently used communications methods, remaining online and active at all times. Additional function capabilities include purchasing of prepaid airtime, payment of telephone or water and light accounts, as a cashless ATM or voucher dispenser. Many more functions can be incorporated into the device.

The agreement is pertinent to the financial and banking sectors who are required to upgrade their ATM and point-of-sale terminals to comply with the new EMV international card standard that comes into effect early in 2005. The smartcard system replaces the magstripe card, offering improved data security.

Intellect Aero is compliant to the international EMV standards and will transact any international smartcard available. The device also links up to company networks, point of sales systems and loyalty schemes.

Beget MD, Andre Potgieter says that there are 130 000 point-of-sale terminals in use in South Africa that need to be upgraded. "These are only the figures for the formal sector. The potential for wireless mobile ATMs and POS to create a cashless environment for the informal market extends to an estimated 250 000 units covering street hawkers, flea market vendors, repair services and for fund raising events such as fetes and bazaars. The Intellect Aero device has a battery back-up that makes it fully portable.

"Transactions can be completed within seconds anywhere in South Africa at the fraction of the cost of conventional connecting methods. Connectivity savings and speed of transactions are up to 10 times cheaper and faster than merchants are used to."

Beget's core business experience is in GSM product application software, middleware and firmware technology development and thin client internet solutions.