Net1 Receives New Order for 1.1 Million Smart Cards and 2,500 EFTPOS Devices from Uzbek Banks
November 18 2010 - 3:01PM
Marketwired
Net1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ:
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.
Contacts: Net1 UEPS Technologies, Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675 dchopra@net1.com
www.net1.com
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