Net1 Launches Mobile Payments Initiative With a Top Five US Wireless Carrier
September 02 2010 - 4:08PM
Marketwired
Net1 UEPS Technologies, Inc. (NASDAQ: UEPS)(JSE: NT1) today
announced that its wholly-owned subsidiary, Net1 Virtual Credit
Card, Inc., has launched VCpay™, 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 VCpay™, a top five wireless carrier
in the United States with several million subscribers, will offer
VCpay™ to its prepaid customers as an application that will be
pre-loaded on new smart-phones or can be downloaded on select
existing devices. VCpay™ 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 VCpay™ 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 VCpay™ 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 VCpay™ 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 VCpay™ 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.
NET 1 UEPS TECHNOLOGIES INC.
4th Floor, North Wing,
President Place, Cnr. Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
Tel: 011-27-11-343-2000 Fax: 011-27-11-880-7080
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675 dchopra@net1.com
www.net1.com
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