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BitX selects Zazoo to offer interoperable spend via 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”)
BITX SELECTS ZAZOO TO OFFER INTEROPERABLE SPEND VIA MOBILE VIRTUAL
CARD TECHNOLOGY
VCpayTM enables ubiquitous global payment network for crypto-currency
London, August 13, 2015: ZAZOO, a business unit of Net1 (Nasdaq: UEPS; JSE: NT1), has signed
an exclusive deal with BitX, a leading universal Bitcoin platform that will make it possible for Bitcoin
users to spend their crypto-currency online or in-app exclusively using VCpayTM, ZAZOO’s patented
mobile virtual card (“MVC”) technology.
“We are very excited to be working with BitX as crypto-currencies are starting to gain prominence
worldwide, and are positioned to be one of the next big things in the fin-tech space,” says Philip
Belamant, Managing Director of ZAZOO.
“This collaboration eliminates the current challenge experienced by these new currencies, namely that
of interoperability with the existing financial system, by providing a seamless gateway between
crypto-currencies and traditional payment channels, resulting in the immediate and pervasive
acceptance of Bitcoins as a payment currency in the online world. This collaboration will enable BitX
and VCpayTM users to now spend Bitcoins agnostically, anywhere online and anywhere in the world,
without any changes to the existing acquiring or switching infrastructures. We believe that BitX is an
ideal partner for our technology as it is a rising star in the crypto-currency field, and supported by
astute investors such as Naspers,” says Belamant.
Marcus Swanepoel, Chief Executive Officer of BitX said: “The gap between the speculative trade in
digital currency and users’ ability to trade the currency for any item that they choose is closing, with
VCpayTM as a critical enabler in this transition”.
Bitcoin is a decentralised digital commodity that provides an alternative to transacting with traditional
currencies. Bitcoin is like digital cash, and can be transferred from person to person or from a person
to a business, instantly, securely and irreversibly, without going via a processing house. Users can buy
and sell Bitcoin from Bitcoin platforms like BitX, using traditional currencies, and they can use the
crypto-currency to buy a select range of goods and services online and offline.
“Inter-connecting VCpayTM and BitX means that anyone who has Bitcoin will be able use MVCs
from their mobile device, completely offline and without the need to access a mobile phone network,”
says Belamant. “Customers can then use these MVCs to pay for goods and services online or at any
merchant that accepts debit or credit card payments, or they can transfer funds to family or friends
who do not own Bitcoin via standard remittance applications.”
Users activate VCpayTM by following a simple over-the-air registration process and linking the
application to numerous funding options, including credit cards, EFTs, direct top-ups, crypto-
currencies and more. VCpayTM provides a secure alternative to conventional plastic cards by using
existing international payment structures. MVC technology can thus be used anywhere in the world,
without requiring merchants to make any changes to their hardware or software platforms. MVC is
also NFC ready and can be used to transact at NFC enabled points of sale.
The deal between VCpayTM and BitX will make it possible for Bitcoin users to integrate the various
virtual worlds in which they operate in order for them to gain tangible benefits. For example, an
MMO (“Massively Multiplayer Online”) gamer will be able to sell materials within the game in
exchange for Bitcoins and will then be able to generate a VCpayTM MVC to pay for his UBER ride.
Alternatively, he could speculate in Bitcoins on BitX and convert his balance or gains into a VCpayTM
MVC to spend anywhere online.
“We look forward to rolling out this technology over the coming months, and whilst users will be able
to spend their Bitcoin funded virtual card anywhere in the world, the initial target markets
include Europe, Singapore, Philippines, South Africa, Nigeria, Kenya, Malaysia and Indonesia” adds
Belamant.
About ZAZOO (www.zazooltd.com)
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 Net 1 UEPS Technologies, Inc. (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 BitX (https://bitx.co/)
BitX was founded in 2013 and is headquartered in Singapore with offices in Cape Town and Jakarta.
The company aims to make money frictionless and universally accessible by building an open,
intelligent global platform that leverages the most optimal technologies available, including Bitcoin
and the blockchain.
Contact Details
ZAZOO
Philip Belamant
Managing Director
Tel: +44 207 340 6300
Email: philipb@zazooltd.com
Net1 Investor Relations Contact
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Keri Krug Public Relations & Communications
Keri Krug
Tel: +27 83 344 6855
Email: keri.krug@gmail.com
Johannesburg
August 13, 2015
Sponsor:
Deutsche Securities (SA) Proprietary Limited
Date: 13/08/2015 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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