| Fri 3 Sep 2010, 8:50 | | NT1 - Net 1 UEPS Technologies Inc. - Net1 Launches Mobile Payments Initiative |
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NT1
NT1
NT1 - Net 1 UEPS Technologies, Inc. - Net1 Launches Mobile Payments Initiative
with a Top Five US Wireless Carrier
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
("Net1" or "the Company")
Net1 Launches Mobile Payments Initiative with a Top Five US Wireless Carrier
Plano, TX, September 3, 2010 - Net1 UEPS Technologies, Inc. (NASDAQ: UEPS, JSE:
NT1) today announced that its wholly-owned subsidiary, Net1 Virtual Credit Card,
Inc, has launched VCpayTrade Mark, Net1`s cell phone based prepaid virtual
payment card application designed for Card-Not-Present ("CNP") transactions with
a top five wireless carrier in the United States. In addition, Net1 Virtual
Credit Card, Inc. has teamed up with The Bancorp Bank, a wholly-owned subsidiary
of The Bancorp, Inc. (NASDAQ: TBBK), FSV Payment Systems and MoneyGram
International (NYSE: MGI) to offer a comprehensive card issuing, processing and
distribution network to wireless subscribers.
Net1`s first distributor for VCpayTrade Mark, a top five wireless carrier in the
United States with several million subscribers, will offer VCpayTrade Mark to
its prepaid customers as an application that will be pre-loaded on new smart-
phones or can be downloaded on select existing devices. VCpayTrade Mark allows a
subscriber to generate a unique, one-time use prepaid virtual card number to
securely purchase goods and services or perform bill payments in any CNP
environment. Net1 believes that the VCpayTrade Mark application is the first
mobile phone-based prepaid program with no requirement for the user to have a
physical card or a bank account. Subscribers can load their prepaid virtual
accounts with cash at any of MoneyGram`s 40,000 U.S. agent locations, which are
located in most communities including many grocery, pharmacy and convenience
store chains.
"This initiative demonstrates our ability to create technological solutions that
are ubiquitous with existing worldwide payment networks, and that require no
changes to the commercial agreements that are already in place between issuers,
acquirers, networks, transaction processors and the major brand owners. The
simplicity of our Virtual Card is only matched by the strength of the security
and functionality it provides, and the fact that it operates off-line thus
ensuring that the customer experience will always be of the highest standard.
This step will mark Net1`s entry into the United States, from which we can
launch this product on a world-wide basis," said Dr. Serge Belamant, Net1`s
Chairman and Chief Executive Officer.
"We are extremely pleased to offer VCpayTrade Mark to a large base of smart-
phone users as a completely secure way to make purchases or bill payments
online" said Eric Meniere, President of Net1 Virtual Credit Card, Inc.
"Customers are provided with a prepaid account and can generate a one-time-use
prepaid virtual card number on their phone, and no browsing nor texting is
needed. Our relationship with The Bancorp Bank also provides the foundation from
which we can sign up additional distributors for VCpayTrade Mark in the United
States," he concluded.
"We are excited to announce our relationship with Net1 Virtual Credit Card as it
is consistent with our commitment to "Changing the Way America Pays" through the
development of innovative products. We believe it is critical to offer the tools
that consumers require to meet their diverse needs and to simplify their payment
processes, and VCpayTrade Mark is a true example of this," said Jeremy Kuiper,
Managing Director - The Bancorp Payment Solutions Group.
About Net1 Virtual Credit Card (www.net1virtual.com)
Based in Plano, Texas, Net1 Virtual Credit Card, Inc is a wholly-owned
subsidiary of Net1 UEPS Technologies, Inc. Net1 Virtual Credit Card is a payment
solution company created in 2009 to address consumers evolving needs, trends and
concerns by creating safe, convenient and flexible mobile payment solutions for
everyone.
About Net1 (www.net1.com)
Net1 provides its universal electronic payment system, or UEPS, as an
alternative payment system for the unbanked and under-banked populations of
developing economies. Our market-leading system enables the estimated four
billion people who generally have limited or no access to a bank account, to
enter affordably into electronic transactions with each other, government
agencies, employers, merchants and other financial service providers. Our
universal electronic payment system, or UEPS, uses smart cards that operate in
real-time but offline, unlike traditional payment systems offered by major
banking institutions that require immediate access through a communications
network to a centralized computer. This offline capability means that users of
the Net1 system can enter into transactions at any time with other card holders
even in the most remote areas so long as a portable offline smart card reader is
available. In addition to payments and purchases, UEPS can be used for banking,
healthcare management, international money transfers, voting and identification.
Net1 also focuses on the development and provision of secure transaction
technology, solutions and services and offers transaction processing, financial
and clinical risk management solutions to both funders and providers of
healthcare. Its core competencies around secure online transaction processing,
cryptography and integrated circuit card (chip/smart
card) technologies are principally applied to electronic commerce transactions
in the telecommunications, banking, retail, petroleum and utilities market
sectors.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE
Limited.
About The Bancorp Payment Solutions Group
The Bancorp Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"),
a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), offers secure,
creative and innovative payment solutions to the prepaid card industry. As a
leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes
to the success of Fortune 500 companies through the development of cutting-edge
prepaid card programs that meet the rapidly changing needs of the prepaid
industry. Through long-standing relationships with the MasterCard, Visa, and
Discover card associations, leading program managers and processors, The Bancorp
Payment Solutions Group designs innovative and flexible prepaid card programs
which deliver outstanding results. For more information about The Bancorp
Payment Solutions Group please visit www.thebancorppsg.com.
Johannesburg
3 September 2010
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 03/09/2010 08:50:01 Produced by the JSE SENS Department.
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