Net1 Mobile launches Pay in Private in the United States
04 März 2014 - 10:05PM
Marketwired
Net1 Mobile launches Pay in Private in the United States
JOHANNESBURG, SOUTH AFRICA--(Marketwired - Mar 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.
Forward-Looking
Statements
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.
Net1 Mobile Solutions Contact:Philip BelamantManaging
DirectorNet1 Mobile
Solutions+27-11-463-7233philipb@net1.comInvestor Relations
Contact:Dhruv ChopraHead of Investor
Relations+1-917-767-6722dchopra@net1.com
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