Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

July 21, 2011 16:05 ET

Net1 Signs Contract with Banamex to Provide Mobile Virtual Card Technology

JOHANNESBURG, SOUTH AFRICA--(Marketwire - July 21, 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 VCpay™, Net1's cell-phone based Mobile Virtual Card application designed for Card-Not-Present ("CNP") transactions.

Banamex will offer VCpay™ 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. VCpay™ 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 ( )

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 (

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

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.

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