In September 2010, Net1 launched its first VCpayTM implementation designed for CNP transactions with MetroPCS, a top five wireless carrier in the United States. In addition, Net1 has teamed up with The Bancorp Bank, FSV Payment Systems, and MoneyGram International to offer a comprehensive card issuing, processing and distribution network to wireless subscribers. Net1’s first distributor for VCpayTM in the United States, MetroPCS, has several million subscribers, and offers VCpayTM to its prepaid customers as an application that is preloaded on all MetroPCS Android and new Blackberry phones or can be downloaded on select existing devices.
The MetroPCS Prepaid Virtual MasterCard application (VCpayTM) allows a subscriber to generate a one-time use MasterCard number to securely purchase goods online or pay bills without ever disclosing personal or financial information. Subscribers can load their prepaid virtual account with cash at any of MoneyGram’s 40,000 U.S. agent locations, through bank account transfer or direct deposit, and spend wherever debit MasterCard is accepted. In January 2011, Net1 has been selected as the 2011 Paybefore Awards winner for its MetroPCS Virtual Prepaid MasterCard® program in two categories: “Best Virtual or Mobile Prepaid Application“ and “Most Innovative Prepaid Program“. The Paybefore Awards is the most prestigious recognition of excellence in the worldwide prepaid and stored value card industry.