JOHANNESBURG, SOUTH AFRICA--(Marketwired - March 4, 2014) - Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ:UEPS) (JSE:NT1) today announced that its Net1 Mobile Solutions Business Unit has launched its Mobile Virtual Card ("MVC") technology through Pay in Private in the United States, a new way to pay online that uses the Company's proprietary one-time use MVC Debit MasterCard® generated by a smart phone app. The Pay in Private initiative is in partnership with a U.S.-based marketer with experience in online financial services. The Pay in Private solution offers users unmatched security and accessibility to transact online using their mobile handsets. Net1 continues to enhance its relationship with its U.S.-based partners to offer a comprehensive virtual card issuing, processing and distribution service.
A September 5, 2013, report from the Pew Research Center found that 86% of internet users have taken steps to increase their privacy as a result of ongoing compromises related to their personal and financial information. Pay in Private provides a secure payment solution that is as anonymous as paying with cash. Pay in Private is a free Android and iPhone app that eliminates the need for a plastic card and generates a single use virtual card on demand, without the need for the user's phone to be connected to a mobile network.
The MVC solution is prepaid and provides users with the flexibility of using their virtual cards wherever Debit MasterCard® is accepted. Deposits are FDIC insured up to $250,000.
"With both credit and debit card fraud on the rise, this timely initiative not only demonstrates our ability to create secure technological solutions that are interoperable with existing worldwide payment networks, but also offer consumers a tool that provides guaranteed privacy and security when spending online. The simplicity of our Mobile Virtual Card is only matched by the strength of the security and functionality it provides, and the fact that it operates off-line ensures that the customer experience will always be of the highest possible standard. The introduction of Pay in Private marks the first step of Net1's renewed focus on introducing our Mobile Virtual Card technology across multiple geographies," said Philip Belamant, Managing Director of Net1 Mobile Solutions.
"Our customers are increasingly demanding higher levels of privacy and security to transact online," said Jerry M. Klein, Pay in Private's Chief Executive Officer. "We are excited to partner with Net1 and to leverage their extensive expertise in alternative payments and security, by introducing Pay in Private, an innovative solution catered specifically to our customer's needs. The patented process does not disclose any personal financial information, and provides 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," he concluded.
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. Net1's UEPS/EMV solution is also completely 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, Republic of Korea, and Ghana. In addition, Net1's proprietary Mobile Virtual Card technology offers secure mobile payments and banking services in developed and emerging countries while its MediKredit and XeoHealth subsidiaries provide its proprietary 5010 and ICD-10 compliant real-time claims adjudication system.
Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE Limited.
About Pay in Private (www.payinprivate.com)
Pay in Private, based in Irvine, California, has roots in direct marketing, transaction processing, online financial services and bringing new technology to market. The team has launched several online financial services and Jerry M. Klein, the CEO was one of the first licensees of Children's Television Workshop and developed a Sesame Street Big Bird Book Club. He also assisted MCI in the launch of MCI Mail, one of the first email services. Additionally he was CEO/founder of PhoneBase, the first IVR service bureau and Private Date Finder, one of the first online dating sites.
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.