SOURCE: Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

Net 1 UEPS Technologies Inc.

February 17, 2015 03:00 ET

Zazoo Sponsors R1 Million Worth of VCpay™ Vouchers Available to Consumers Choosing the New Microsoft Lumia 535 on a Cell C Contract

JOHANNESBURG, SOUTH AFRICA--(Marketwired - February 17, 2015) - Zazoo, a business unit of Net 1 UEPS Technologies, Inc. ("Net1") (NASDAQ: UEPS) (JSE: NT1), today announced that it has collaborated with Microsoft and Cell C to sponsor a R250 VCpay™ voucher to consumers that purchase the new Microsoft Lumia 535 on a Cell C contract. The new device is available on Cell C's talk and data contracts from February 1, 2015, and an initial batch will be packaged with the VCpay™ voucher for new owners to use in completing a purchase of their choice when using the VCpay™ service.

VCpay™ is a mobile application developed around Net1's patented Mobile Virtual Card ("MVC") technology which enables mobile devices to generate virtual MasterCards completely offline and without access to a mobile phone network. Users 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 and more.

The application allows users to generate anonymous, unique virtual payment cards that can be used for online purchases, or in brick-and-mortar retailers that accept manual Card Not Present ("CNP") payments. Users can also send the virtual card to friends or family far away via channels such as email, SMS, MMS and WhatsApp, making it simpler than ever before to send money to third parties.

"The VCpay™ card generation process occurs offline and does not disclose any personal financial information, therefore providing increased privacy and protection from identity theft, as well as an online payment option for those who do not have access to a physical plastic card," says Philip Belamant, Managing Director of Zazoo. "A single-use MVC is created for a specific amount, making online transacting even more secure. Once the MVC is used to make a purchase it expires and cannot be used again."

"Given the growth of e-commerce in South Africa, and the corresponding lack of secure payment options, we believe the time is right for the VCpay™ offering and look forward to collaborating with Cell C and Microsoft," states Belamant.

"VCPay™ gives Cell C another opportunity to provide our customers with more value, and offer them a safe, simple and effective answer to the challenges presented by carrying cash -- or even carrying a wallet that holds payment cards," says Cell C Chief Commercial Officer, Ernst Fonternel. "We are delighted to give Cell C customers taking out contracts with the Microsoft Lumia 535 the first opportunity to enjoy the benefits of VCPay™, as well as R250 to spend on an item of their choice, at an online retailer of their choice."

VCpay™ also enables customers to purchase apps from App stores directly and securely, adding convenience, accessibility and ease of use to its list of salient features.

"The Microsoft Lumia 535 offers five great integrated Microsoft experiences, a wide-angle 5 megapixel front facing camera, and a spacious 5 inch display all for an affordable price," says Patrick Henchie, head of product for Microsoft Mobile Device Sales, Sub-Saharan Africa. "The Lumia 535 helps people do more of what they want, for less, and the additional benefit offered with the VCpay™ application means a lot of added value for our customers."

VCpay™ is the first 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. It bridges the electronic payment requirement gap, and gives the ability to anyone looking to make online payments an immediate, safe and secure way to do so.

About Zazoo  (www.zazooltd.com)
Zazoo is an aggregation of highly successful technology companies and a leading provider of payment solutions and transaction processing services. Net1 has launched Zazoo in the UK to target first world and developing economies with its mobile centric solutions. The existing Net1 mobile business development and technology teams will now report to the UK office which will take control over all research and development, operations and marketing functions associated with Net1's mobile activities and related intellectual property. Zazoo's management will focus on worldwide growth opportunities, initially in the UK, Europe, USA and India, and as management bandwidth permits, address the large markets present in the pacific region.

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.

Contact Information

  • Contact Details:
    Zazoo
    Philip Belamant
    Managing Director
    Phone: +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
    Mobile: +27 83 344 6855
    Email: keri.krug@gmail.com