|Type||Privately held company|
|Headquarters||London, United Kingdom|
|Parent||Smart Voucher Ltd.|
Ukash is an electronic money system regulated by the Financial Conduct Authority, that allows users to exchange their cash for a secure code. The code is then used to make payments online, to load cards or e-wallets or for money transfer. Codes are available from participating retail locations, kiosks, ATMs and online.
Ukash users are given a unique 19-digit code representing their prepaid money; this is entered when making a transfer, payment or purchase online.
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.
All Ukash merchants undergo a “know your customer” (KYC) process, mandated by the Financial Conduct Authority, before they are enabled to accept Ukash payments. Only these genuine Ukash merchants are listed on its official website.
Ukash 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.
In 2013, the company supported the launch of the website Avoidonlinescams.net offering information and advice on avoiding online scams and ransomware.
In 2013, Ukash was awarded a Queen's Awards for Enterprise for the third successive year in the International Trade category. The awards recognize 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. In 2013, Ukash was ranked 23rd in The Sunday Times Tech Track 100 for a third year running. The tracker ranks the 100 fastest-growing technology companies in the UK. Ukash’s position in the league table recognized its rapid growth in revenue experienced from its launch due to overseas expansion.
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- "Avoid Online Scams". Ukash Official.
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- "Ukash Wins Queen's Award for Enterprise for Outstanding Achievement in International Trade". UK Business Online. Retrieved 2 June 2011.
- "Ukash wins Queens Award". Ukash Business News. 21 April 2011. Retrieved 2 June 2011.
- "Ukash secures Top Spot on Sunday Times Microsoft Tech Track 100". iGaming Business.
- "Ukash adds to recent success with a place on Sunday Times Microsoft Tech Track 100". IMRG.