Net1 to provide virtual payment technology through Banamex

Tuesday, August 16, 2011

Electronic payment system Net1 UEPS Technologies has inked a deal with Mexican bank Banamex, a subsidiary of Citigroup, to provide mobile virtual card technology in the country, expanding the former's presence in Latin America, international press reported.

Banamex will offer VCpay technology as an application that can be downloaded to mobile phones and linked to customers' credit and/or debit card accounts. VCpay allows consumers to securely generate an offline, onetime-use mobile virtual card number for a specific limit or purchase amount on their handsets, to buy goods and services or pay bills in any card not present (CNP) environment.

Net1 provides a universal electronic payment system (UEPS) to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations in developing economies, in an online or offline environment.

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The contract was signed through Net1's wholly owned subsidiary in Austria, Net1 Universal Technologies.