SOURCE: Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

March 04, 2015 02:00 ET

ZAZOO Partners With UBER in South Africa for Effortless Payment

VCpay™ Complements UBER to Address a Largely Untapped Customer Segment

JOHANNESBURG, SOUTH AFRICA--(Marketwired - March 04, 2015) - ZAZOO, a business unit of Net 1 UEPS Technologies, Inc. ("Net1") (NASDAQ: UEPS) (JSE: NT1), today announced that it has partnered with UBER, the innovative smartphone technology that connects riders with drivers, in South Africa. ZAZOO's revolutionary VCpay™ mobile application enables people who do not own credit cards to create virtual MasterCards that can be used to pay for the UBER service. 

VCpay™ is a mobile application that utilizes Net1's patented Mobile Virtual Card ("MVC") technology, which enables mobile devices to generate virtual MasterCard payment cards completely offline and without access to a mobile phone network. Users can activate VCpay™ by following a simple over-the-air registration process and linking the application to any number of funding options, from credit cards, to EFTs, to direct top-ups, cash and more.

The application allows users to generate anonymous, transaction specific virtual MasterCards that can be used for online purchases, or in brick-and-mortar retailers that accept manual Card Not Present ("CNP") payments -- and now they can use it to register and pay for trips on the UBER application.

"Though mobile users and e-commerce adoption is rising in South Africa, there is still a large number of South Africans who do not have access to a credit card to enable them to make online and in-app purchases. Younger people, such as students, are a part of this demographic. We are excited to partner with UBER to introduce our products to this group. The uptake out of our first activation at WITS University has been hugely encouraging and we are planning more events where we will team with UBER to bring our products directly to our clients," says Philip Belamant, Managing Director of ZAZOO.

"Uber is excited to be partnering with ZAZOO and VCpay™. Their system complements UBER seamlessly and it opens up our technology to a new group of clients, who without a credit card or debit card would not otherwise have been able to use UBER," says Alon Lits, General Manager of UBER Johannesburg. "This partnership makes UBER more accessible than ever before."

VCpay™ is the first solution of its kind in South Africa as it is truly interoperable and does not require merchants to change the way in which payments are accepted online or via mobile applications like UBER. It bridges the electronic payment requirement gap for online or in-application payments by providing an immediate, safe and secure payment solution to anybody, regardless of their banking status.

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 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 UBER (www.uber.com)
Uber is evolving the way the world moves, seamlessly connecting riders to drivers through smartphone technology. Uber's mission is nothing less than a revolution in the way citizens of the world move, work and live. It aspires to transform the way people connect with their communities and to bring reliability, convenience and opportunity to transport systems. The Uber network is now available in over 277 cities across 56 countries and 6 continents.

Contact Information

  • Net1 Investor Relations Contact
    Dhruv Chopra
    Head of Investor Relations
    Phone: +1-917-767-6722
    Email: dchopra@net1.com


    ZAZOO Contact
    Philip Belamant
    Managing Director
    Phone: +44 207 340 6300
    Email: philipb@zazooltd.com

    UBER -- Communications Associate Africa
    Samantha Allenberg
    Mobile: +27 82 4537 495
    Email: samantha.allenberg@uber.com