ZAZOO expands Virtual Card reach in partnership with UK’s Funifi

Parents can motivate children with virtual payment cards as monetary incentives for doing their chores

Johannesburg, August 11, 2015: ZAZOO, a business unit of Net 1 UEPS Technologies, Inc. (“Net1”, Nasdaq: UEPS; JSE: NT1), has partnered with Funifi, a startup based in the UK and Cyprus, to enhance their service by adding a secure payment mechanism to the Funifi DO (chore) app using Mobile Virtual Card (“MVC”) technology.

This partnership adds momentum to ZAZOO’s growth, as the unit is already working with the likes of Uber, and Microsoft to introduce a secure alternative to plastic payment cards and to make it easier and safer for people to pay. The Funifi initiative is another key partnership for ZAZOO as part of Net1’s strategy to deploy MVC globally. Part of Net1’s strategy is also to leverage its ubiquitous MVC technology and apply it to solve the well-known universal payment challenges in areas such as transportation, e-commerce, youth spending, virtual currencies and loyalty.

Funifi Do was the most popular children’s app in major app stores around the world in May and June 2015, and is available for free in the Apple app store with Android and Web versions coming soon. The Funifi rewards system encourages children to work hard and to be rewarded for their efforts, helping them to take responsibility, be accountable for and be involved in family chores. It also introduces them to financial literacy, teaching them about the importance of saving and planning their spending, while having fun learning these vital life lessons.

ZAZOO’s VCpayTM is a mobile app developed around Net1’s patented MVC technology. It provides a secure alternative to conventional credit cards by using existing international payment structures, which means that MVC technology can be used anywhere in the world, without merchants having to make any changes to their hardware or software. The technology is also Near Field Communication (“NFC”) ready, and is capable of transacting at NFC configured points of sale.

“Adding VCpayTM to Funifi expands the way in which parents can reward their children for completing tasks or achieving goals,” says Philip Belamant, Managing Director of ZAZOO. “Parents can set goals for their children and then create fixed-amount virtual payment cards when they can see – through the app – that all tasks have been done. Once the card is created, parents can offer top-up incentives through the Funifi DO app to motivate their children to complete household tasks on a regular basis.”

“Incorporating ZAZOO’s virtual card payment technology means that parents are able to reward children for achieving their Funifi goals by topping up their new cards with credit to use in the Funifi online store, local app stores or parent-approved online outlets,” says Belamant. “Parents can be comfortable in the knowledge that they are empowering their children to make financial decisions within a completely secure and managed environment.”

“Children love earning rewards in their favorite digital or online games, and Funifi makes their chores just as much fun by letting them log their tasks at home via a mobile phone or tablet,” says Andrew Michael, CEO of Funifi. “In return, they receive and collect points – much like they would in their digital games. The advantage of partnering with VCpayTM is that parents can now control their children’s spend at specific merchants, like iTunes and Xbox Live, and all money spent can be tracked,” adds Michael.

The new payment addition, called Pouch, is also available to access by itself as a standalone tool. Parents can visit the website to sign up for the family friendly mobile purchasing card today.

The Funifi DO iOS app is available to download right now. Parents can introduce their children to Funifi DO and the gamified world of chores by following this link: https://itunes.apple.com/us/app/id898279333?mt.

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