SOURCE: Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

August 11, 2015 08:00 ET

ZAZOO Expands Virtual Card Reach in Partnership With UK's Funifi

Parents Can Motivate Children With Virtual Payment Cards as Monetary Incentives for Doing Their Chores

JOHANNESBURG, SOUTH AFRICA--(Marketwired - August 11, 2015) - ZAZOO, a business unit of Net 1 UEPS Technologies, Inc. ("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 VCPay™ 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 VCPay™ 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 VCPay™ 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 Information

  • 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