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NT1 - Net 1 UEPS Technologies, Inc - Net1 Signs Contract with Banamex to
Provide Mobile Virtual Card Technology
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 Signs Contract with Banamex to Provide Mobile Virtual Card Technology
Johannesburg, South Africa, August 15, 2011 - Net 1 UEPS Technologies, Inc.
(NASDAQ: UEPS, JSE: NT1) ("Net1") today announced that its wholly-owned
subsidiary, Net1 Universal Technologies (Austria) AG ("NUTA"), has signed a
contract with Banamex, a leading bank in Mexico and part of Citigroup, for
the delivery of VCpayTrade Mark, Net1`s cell-phone based Mobile Virtual Card
application designed for Card-Not-Present ("CNP") transactions.
Banamex will offer VCpayTrade Mark to its customers as an application that
can be downloaded to a mobile phone and linked to the customer`s credit
and/or debit card accounts. VCpayTrade Mark allows consumers to securely
generate an offline, one-time use Mobile Virtual Card ("MVC") number for a
specific limit or purchase amount on their mobile handsets to buy goods and
services or perform bill payments in any CNP environment. MVCs are used in
the same manner as traditional plastic credit or debit cards, except that as
soon as the transaction is authorized by the issuer, the generated card
number immediately expires. MVCs provide an advanced form of security, as
they cannot be skimmed, phished, tapped, cloned, replayed or modified.
"We thank Banamex for their confidence in our patented MVC technology as a
tool to deliver simple, safe, secure and convenient CNP transactions to their
customer base in Mexico" said Dr. Serge Belamant, Net1`s Chairman and Chief
Executive Officer. "The offline nature of MVC ensures that virtual cards can
be generated anywhere and anytime regardless of network coverage or
availability, thus providing a 100% service resulting in the best possible
customer experience while minimizing any service disruptions. MVC will also
open many new opportunities between the USA and Mexico, specifically in the
money remittance and bill payment areas" he concluded.
"Banamex, has always been an innovator in financial services in Mexico, and
this is a great opportunity to innovate, especially when considering all the
technological experience Net1 has to offer in the payments and money transfer
business" says Marcelo Scaglia, Liability Product, E & Mobile Banking
Director.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its
Universal Electronic Payment System, or UEPS, to facilitate biometrically
secure real-time electronic transaction processing to unbanked and under-
banked populations of developing economies around the world in an online or
offline environment. In addition to payments, UEPS can be used for banking,
healthcare management, payroll, remittances, voting and identification.
Net1 operates market-leading payment processors in South Africa, Republic of
Korea, Ghana and Iraq. In addition, Net1`s proprietary Mobile Virtual Card
technology offers secure mobile payments and banking services in developed
and emerging countries.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE
Limited.
About Banamex (www.banamex.com)
Grupo Financiero Banamex is the leading financial group in Mexico. Following
a strategy of universal banking, the Group offers a variety of financial
services to companies and individuals that includes commercial and investment
banking, insurance and management of investments. Banamex, founded in 1884,
has a large distribution network through more than 1,696 branches, 5,869
ATM`s and over 4,650 correspondents throughout the country. For more
information please visit www.banamex.com
Banamex is part of one of the world`s leading financial services companies,
Citigroup, which has 200 million account holders in more than 100 countries.
Investor Relations Contact:
Dhruv Chopra
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
15 August 2011
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 15/08/2011 12:27:00 Supplied by www.sharenet.co.za
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