Smart Voucher Limited owns and operates “Ukash;” one of the UK’s original online or electronic money institutions. It is subject to the rules and supervision of the Financial Services Authority in the UK, which imposes standards of prudence and competence on companies that must meet its requirements. Ukash does not require that customers reveal sensitive information. It is not even required to have a bank card or credit card.

A user simply purchases “Ukash” with real cash. Then the “Ukash” can be spent online wherever a merchant indicates a willingness to accept it. Ukash purchases are evidenced by a voucher, which has a number associated with it. Vouchers for £5 to £100 can be purchased at outlets, or delivered via email or even SMS. Most Ukash is now transacted online. Vouchers are valid for six months. If they lapse, they can be redeemed.

Originally, Ukash was restricted to the UK, but recently it has gone international. Ukash is now offered in most of the rest of the EC, Canada, Australia and South Africa. Ukash has also made arrangements with MasterCard Worldwide to offer Ukash NEO, a version of a “virtual” (online) prepaid debit card. Whether the Ukash is in one or several vouchers, each with its own 19-digit “PIN,” a single individual can hold up to £2,500 at any one time. It is possible to trade in left-over Ukash for real cash, or to receive change in Ukash from a Ukash transaction. If Ukash is used for a deposit with a participating online gambling establishment, the credit is instantaneous. Some casinos will actually provide a bonus for using Ukash because it is so similar to real cash.

There are no fees associated with Ukash. Some sales outlets and some receiving merchants may impose a fee for negotiating Ukash, but Ukash itself is free of all fees. The company obviously lives on the float, and from all evidence, very well.