NET 1 UEPS TECHNOLOGIES INC - Zazoo expands virtual card reach in partnership with UK's Funifi

Release Date: 11/08/2015 14:00
Code(s): NT1
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Zazoo expands virtual card reach in partnership with UK's Funifi

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


Parents can motivate children with virtual payment cards as monetary incentives for doing
their chores

Johannesburg, August 11, 2015: ZAZOO, a business unit of Net1 (Nasdaq: UEPS; JSE:
NT1), has partnered with Funifi, a startup based in the UK and Cyprus, to enhance their
service by adding a secure payment mechanism to the Funifi DO (chore) app using Mobile
Virtual Card (“MVC”) technology.

This partnership adds momentum to ZAZOO’s growth, as the unit is already working with
the likes of Uber, and Microsoft to introduce a secure alternative to plastic payment cards and
to make it easier and safer for people to pay. The Funifi initiative is another key partnership
for ZAZOO as part of Net1’s strategy to deploy MVC globally. Part of Net1's strategy is also
to leverage its ubiquitous MVC technology and apply it to solve the well-known universal
payment challenges in areas such as transportation, e-commerce, youth spending, virtual
currencies and loyalty.

Funifi Do was the most popular children’s app in major app stores around the world in May
and June 2015, and is available for free in the Apple app store with Android and Web
versions coming soon. The Funifi rewards system encourages children to work hard and to be
rewarded for their efforts, helping them to take responsibility, be accountable for and be
involved in family chores. It also introduces them to financial literacy, teaching them about
the importance of saving and planning their spending, while having fun learning these vital
life lessons.

ZAZOO’s VCPayTM is a mobile app developed around Net1’s patented MVC technology. It
provides a secure alternative to conventional credit cards by using existing international
payment structures, which means that MVC technology can be used anywhere in the world,
without merchants having to make any changes to their hardware or software. The technology
is also Near Field Communication (“NFC”) ready, and is capable of transacting at NFC
configured points of sale.

“Adding VCPayTM to Funifi expands the way in which parents can reward their children for
completing tasks or achieving goals,” says Philip Belamant, Managing Director of ZAZOO.
“Parents can set goals for their children and then create fixed-amount virtual payment cards
when they can see – through the app – that all tasks have been done. Once the card is created,
parents can offer top-up incentives through the Funifi DO app to motivate their children to
complete household tasks on a regular basis.”

“Incorporating ZAZOO’s virtual card payment technology means that parents are able to
reward children for achieving their Funifi goals by topping up their new cards with credit to
use in the Funifi online store, local app stores or parent-approved online outlets,” says
Belamant. “Parents can be comfortable in the knowledge that they are empowering their
children to make financial decisions within a completely secure and managed environment.”
“Children love earning rewards in their favourite digital or online games, and Funifi makes
their chores just as much fun by letting them log their tasks at home via a mobile phone or
tablet,” says Andrew Michael, CEO of Funifi. “In return, they receive and collect points –
much like they would in their digital games. The advantage of partnering with VCPayTM is
that parents can now control their children’s spend at specific merchants, like iTunes and
Xbox Live, and all money spent can be tracked,” adds Michael.

The new payment addition, called Pouch, is also available to access by itself as a stand alone
tool. Parents can visit the website to sign up for the family friendly
mobile purchasing card today.

The Funifi DO iOS app is available to download right now. Parents can introduce their
children to Funifi DO and the gamified world of chores by following this link:

About ZAZOO (
ZAZOO is an aggregation of innovative technology companies and a leading provider of
payment solutions and transaction processing services. ZAZOO’s diverse product offering is
consolidated into five primary business lines, namely: Mobile Banking, MNO Solutions,
Third Party Payments, Cryptography, and Smart Card technologies.

About Funifi (
Funifi is a family first company dedicated to making life easier for parents. Funifi DO is a
mobile app that gamifies everyday tasks and motivates children to get their chores done.
Pouch is a virtual payment card that makes buying online safe and simple for families. The
team states that by working with child psychologists, teachers and parents, they offer proven
solutions within a secure online environment. The start-up began life in June 2013 with just
three people and now consists of 12 members split across Copenhagen, London and the HQ
in Nicosia, Cyprus. Funifi has received seed funding of $700K and tied up a strategic
partnership with Unilever UK and Zazoo. The company’s mission is to ”positively impact
every family on the planet”.

About Net 1 UEPS Technologies, Inc. (
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.
Contact Details
Philip Belamant
Managing Director
Tel: +44 207 340 6300

Andrew Michael
Chief Executive Officer
Tel: +44 208 123 3278

Keri Krug Public Relations & Communications
Keri Krug
Tel: +27 83 344 6855

Net1 Investor Relations Contact
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722

August 11, 2015

Deutsche Securities (SA) Proprietary Limited

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