Wrap Text
Net1 launches Mobile Virtual Card technology in India
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 Virtual Card technology in India
Johannesburg, November 7, 2014 – Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE:
NT1) today announced that its Net1 Mobile Solutions (“N1MS”) business unit has launched a
mobile-based payment solution, branded Shmart!Pay Mobile Card, in India together with its
partner, TranServ Private Limited (“TranServ”). This mobile-based payment solution is the
first of its kind in India and intends to address the growing need to pay securely for e-
commerce transactions in that country.
Shmart!Pay Mobile Card utilizes N1MS’ Mobile Virtual Card (“MVC”) technology, and
offers a new, simple and completely secure way to pay online by generating a one-time use
virtual VISA prepaid card on a mobile handset. A consumer simply has to download the
‘Shmart!Pay’ App, register online by completing an account opening form and fund their
MVC Prepaid Card account. Users will then be able to generate virtual VISA prepaid cards
offline i.e. without access to a web or mobile network, and at any time on their mobile
device, and present it at any online merchant who accepts VISA.
“N1MS is pleased to introduce our MVC technology in India after having successfully rolled
it out in the United States, South Africa and Spain,” says Philip Belamant, Managing Director
of N1MS. “We have a strong partner in TranServ, and together we can change the landscape
for how consumers in this rapidly developing market can securely pay for e-commerce
transactions.”
According to an e-Tailing India study, e-commerce in India is expected to grow to over
$30 billion by 2016 from $13 billion currently, with online retail driving majority of the
growth. As internet users in India expand to 400 million in 2016 from 240 million today,
driven in large part by the proliferation of low-cost smart phones, the need to make payments
online in a simple and secure manner will also increase substantially. Additionally, a
significant proportion of Indians, particularly the youth, do not have access to a physical card
to conduct online transactions.
Until now, the majority of online payments in India have been completed using credit cards,
which are available to less than 2% of the population, or by cash-on-delivery. For online
payments, virtual cards rather than plastic cards are more likely to be used in the future
because they are more secure. With the introduction of Shmart!Pay Mobile Cards, N1MS and
TranServ now offer consumers a simplified way to generate virtual cards offline from their
mobile phones.
Like other MVC technologies launched by N1MS, the ‘Shmart!Pay’ App MVC generation
process occurs offline and does not disclose any personal financial information, while
providing increased privacy, protection from identity theft, as well as an online payment
option for those who do not have access to a physical plastic card. Net1’s one-time use virtual
card is created for a specific amount, thereby making online transacting even more secure.
Once the card is authorised, it expires and cannot be used again.
Shmart!Pay Mobile Card is offered as a prepaid solution where a customer can set up an Axis
Bank Prepaid Card account and funds the account either in cash, at select agent locations, or
electronically, from another bank account. The user can then generate a one-time-use virtual
VISA prepaid card for each transaction up to the balance available in their prepaid account.
About Net 1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“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. Net1's UEPS/EMV solution is
interoperable with global EMV standards that seamlessly permit access to all the UEPS
functionality in a traditional EMV 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 and the Republic of Korea.
In addition, Net1's proprietary MVC technology offers secure mobile payments and banking
services in developed and emerging countries.
Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock
Exchange.
About Net1 Mobile Solutions (www.net1mobile.com)
Net1 Mobile Solutions is a South African-based technology entity encompassing a
combination of world class solutions tailored to the specifically identified needs of the global
market. Its diverse product offering is consolidated into five primary business lines: Mobile
Banking, MNO Solutions and Prepaid Vending, Third Party Payments, Smart Card
Technologies and Cryptography.
About TranServ Private Limited (www.transerv.co.in)
TranServ is an electronic payments program management company headquartered in
Mumbai, offering prepaid payment solutions to Bank, merchants & corporate clients, and
thereby enabling new customer segments to transact electronically including the presently
under banked communities. Operating under the brand 'Shmart!Pay', TranServ enables
distribution of payment solutions through its business correspondents who are located across
India and who enable the under banked communities to transact electronically.
TranServ investors include Nirvana Venture Advisors, a fund anchored by the Patni family,
the founders of Patni Computer Systems and Faering Capital. Recently, TranServ has
received a round of investment in the form of series B funding from Nirvana Venture
Advisors and Faering Capital.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and unknown
risks and uncertainties. A discussion of various factors that cause our actual results, levels of
activity, performance or achievements to differ materially from those expressed in such
forward-looking statements are included in our filings with the Securities and Exchange
Commission. We undertake no obligation to revise any of these statements to reflect future
events.
Net1 Investor Relations Contact:
Dhruv Chopra
Managing Director and Country Head: India
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
November 7, 2014
Sponsor:
Deutsche Securities (SA) Proprietary Limited
Date: 07/11/2014 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
