| Fri 19 Nov 2010, 12:51 | | NT1 - Net 1 UEPS Technologies Inc - Net1 receives new order for 1 1 Million |
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NT1
NT1
NT1 - Net 1 UEPS Technologies, Inc - Net1 receives new order for 1,1 Million
smart cards and 2,500 EFTPOS devices from Uzbek banks
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 receives new order for 1,1 million smart cards and 2,500 EFTPOS devices
from Uzbek banks
Johannesburg, November 18, 2010 - Net1 UEPS Technologies, Inc. ("Net1" or the
"Company") (NasdaqGS: UEPS; JSE: NT1) today announced that its majority-owned
subsidiary, Net1 Universal Technologies (Austria) AG ("Net1 UTA") has received a
new order from the leading banks of Uzbekistan for the delivery of 1,1 million
smart cards and 2,500 EFTPOS terminals during 2011.
The National Bank of Uzbekistan started a small pilot project in 1995 with 5,000
smart cards. This project has evolved into a fully-fledged National Interbank
Payment System under the brand name UZKART and currently comprises 6,6 million
UEPS smart cards and 45,000 POS terminals.
The National Interbank Payment System operates on Net1`s FTS/UEPS technology
platform and is supported and jointly managed by the 25 largest banks of
Uzbekistan.
"The UEPS smart card technology was the ideal choice to address the Uzbek needs,
having been developed to substitute cash in the domestic mass markets. Its
innovative offline card-to-card concept has proved to be more efficient,
flexible, and profitable for domestic markets than cash or conventional payment
solutions," said Leonid Delberg, Managing Director of Net1 UTA. "After 15
successful years, transaction volumes and numbers are consistently increasing,
establishing UZKART as the preferred day-to-day means of payment in Uzbekistan.
We look forward to continuing our excellent partnership with the banks of
Uzbekistan to further innovate the domestic financial services market," he
concluded.
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. Net1`s 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. Net1`s
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/smartcard) technologies are
principally applied to electronic commerce transactions in the
telecommunications, banking, retail, petroleum and utilities market sectors.
Net1 recently acquired KSNET, Inc. KSNET services a broad range of industries in
Korea, including credit card, retail and wholesale merchant, financial
institutions, governmental organizations, utility companies and e-commerce
businesses. It offers payment processing solutions including payment card and
banking value added networks, payment gateways, cash receipt, purchase cards and
point cards. It has a diverse merchant base and processed over 1.4 billion
transactions in 2009.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE
Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and
unknown risks and uncertainties. A discussion of various factors that cause the
Company`s actual results, levels of activity, performance or achievements to
differ materially from those expressed in such forward-looking statements are
included in the Company`s filings with the Securities and Exchange Commission.
The Company undertakes no obligation to revise any of these statements to
reflect future circumstances or the occurrence of unanticipated events.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
19 November 2010
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
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