Ukash

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Ukash
TypePrivately held company
IndustryFinancial Services
Founded2005
HeadquartersLondon, United Kingdom
ProductsUkash
ParentSmart Voucher Ltd.
Websitewww.ukash.com
 
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Ukash
TypePrivately held company
IndustryFinancial Services
Founded2005
HeadquartersLondon, United Kingdom
ProductsUkash
ParentSmart Voucher Ltd.
Websitewww.ukash.com

Ukash is electronic cash and e-commerce brand. Based on a prepaid system, Ukash allows users to purchase and then spend money online.

Money can be purchased from on of the reported 420,000 participating retail locations worldwide, or by using the company’s website. This electronic money can then be used to pay online, or loaded on to a prepaid card or eWallet.


Contents

Security

Users are given a unique 19 digit id representing their prepaid money, this is entered upon transfer / purchase.

Ukash is electronic cash so, as with real cash, the ‘bearer’ of Ukash can spend it anywhere it is accepted. Some scammers have been reported to be exploiting the Ukash system for black market use by extorting codes from victims. Fraudsters promise cheap loans or other services in exchange for a fee. Some offer items for sale on sites like Gumtree but these items do not exist. Others infect a computer with ransom malware and demand the payment in Ukash.

In 2012, the company issued advice to consumers on staying safe with Ukash. The best way for consumers to avoid becoming victims of fraud is to guard Ukash codes like cash. Each Ukash code is unique and like cash, must be kept safe and therefore never emailed or given to anyone else over the telephone.[1][2]

All Ukash merchants undergo a “know your customer” (KYC) process, mandated by the Financial Services Authority, before they are enabled to accept Ukash payments. Only these genuine Ukash merchants are listed on its official website.

Ukash is not designed for person-to-person payments and is designed solely for making payments online and at participating merchants. Most online scams reported obtain Ukash by asking the victim to email the code or give out over the telephone.

Awards

In 2012, Ukash was awarded a Queen's Awards for Enterprise for the second successive year in the International Trade category, by Her Majesty The Queen.[3][4][5]The awards recognise UK businesses that have achieved substantial growth in overseas earnings and outstanding levels of commercial success. Ukash won the award in recognition of its geographical and financial growth.[6]

In 2011, Ukash was ranked 23rd in The Sunday Times Tech Track 100. The tracker ranks the 100 fastest-growing technology companies in the UK. Ukash’s position in the league table recognised its rapid growth in revenue experienced from its launch due to overseas expansion.[7][8]

See also


References

  1. ^ "Ukash Security Tips". Ukash Official. http://www.ukash.com/uk/en/security-tips.aspx. 
  2. ^ "Ukash Malware". Ukash Official. http://www.ukash.com/uk/en/malware.aspx. 
  3. ^ "Ukash Wins the Queen's Award for Enterprise for a second year running". IMRG. http://imrg.org/ImrgWebsite/User/Pages/PressReleases.aspx?pageID=85&parentPageID=0&itemID=7349&pageTemplate=7&isHomePage=false&isDetailData=true&specificPageType=3. 
  4. ^ "Ukash Wins Queen's Award for Enterprise for Outstanding Achievement in International Trade". UK Business Online. http://www.ukbusinessonline.co.uk/press-releases/banking-and-finance-news/18863-ukash-wins-queens-award-for-enterprise-for-outstanding-achievement-in-international-trade. Retrieved 2 June 2011. 
  5. ^ "Ukash wins Queens Award". Ukash Business News. 21 April 2011. https://www.ukash.com/business/queens-award.aspx. Retrieved 2 June 2011. 
  6. ^ "Ukash Wins Queen's Award for Enterprise for second year in a row". VRL Financial News. http://www.vrl-financial-news.com/cards--payments/cards-international/issues/ci-2012/ci-476-june/ukash-wins-queen%E2%80%99s-award-for-s.aspx. 
  7. ^ "Ukash secures Top Spot on Sunday Times Microsoft Tech Track 100". iGaming Business. http://www.igamingbusiness.com/content/ukash-secures-top-spot-sunday-times-microsoft-tech-track-100. 
  8. ^ "Ukash adds to recent success with a place on Sunday Times Microsoft Tech Track 100". IMRG. http://www.imrg.org/ImrgWebsite/User/Pages/PressReleases-Members.aspx?pageID=87&isArchiveItem=true&parentPageID=85&isHomePage=false&isDetailData=true&itemID=5888&pageTemplate=7&isAllRecords=true&specificPageType=3.