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ZAZOO's VCpay Wins at the 2015 Apps Africa Innovation Awards

JOHANNESBURG, SOUTH AFRICA--(Marketwired - November 17, 2015) - VCpay™, a mobile application by ZAZOO, a business unit of Net 1 UEPS Technologies, Inc. ("Net1") (UEPS) (JSE:NT1) has won the 'Best Fintech Innovation' category at the Apps Africa Innovation 2015 awards, winning the honours ahead of six other innovative financial services applications. The category was judged by leading technology experts who compared the various payment applictions entered into the competition.

The awards attracted over 200 entries from 21 countries, across three continents, and the winners were announced at a ceremony in Cape Town last night. The ZAZOO team was excited to receive the award from Chidi Okpala, Director and Head of Airtel Money Africa, who was also a judge for the Fintech innovation category.

"We're thrilled to win the 'Best Fintech Innovation' category, as we continue to pour a huge amount of time and resources into our VCpay app," says Philip Belamant, Managing Director of ZAZOO. "Not only are we on the cutting edge of the disruptive payment technology space, but more importantly, we ensure that our innovative solutions are relevant to our target market, and address day-to-day pain points in consumers' lives. VCpay empowers both banked and unbanked users to pay securely and interoperably for goods online, in store, in other mobile applications, or on mobile services like Uber," adds Belamant.

VCpay uses ZAZOO's patented Mobile Virtual Card ("MVC") technology, enabling mobile devices to generate virtual MasterCard payment cards. Users can activate VCpay by following a simple registration process and linking the application to any number of funding options, such as credit cards, EFTs, direct top-ups, cash and more.

ZAZOO launched VCpay earlier in 2015 and has established several significant partnerships in various territories, extending the security and convenience offered by the mobile card technology to Microsoft, Uber, Funifi and BitX users.

The app, which is available in the iOS, Google Play and Windows Phone app stores, has seen success since its inception with transaction volume increasing over 30% month-on-month, while there has been 64% growth in registered users over the last three months, with an average of five transactions per user on a monthly basis.

"We are honoured by the acknowledgment that this win brings, and excited by the clear demand for secure and simple mobile payment solutions," says Belamant. "We appreciate the endorsement that the app has received from users and the industry after the significant in-house research and development effort over the last few years," he concluded.

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 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.

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.