NEW PREPAID CARDS FOR NETELLER USERS

29 August 2008

October launch for new card product


The Isle of Man e-cash processor Neteller plc is to offer customers a new prepaid card service in October this year following an agreement with the Conister Financial Group plc subsidiary, TransSend Payment Services.

The partnership will make available to Neteller users the Net+ MasterCard Prepaid Card facility. Neteller will soon offer its e-wallet users the Net+ card, which the company claims will provide increased value, security, privacy and convenience.

By early October 2008 e-wallet consumers will have a choice of two new products:

A virtual Net+ MasterCard card for use online. The virtual card application generates a single use, unique 16 digit card number and populates the checkout page with full payment details for the user. The Net+ Virtual Card offers the convenience of paying online (everywhere where MasterCard is accepted) from a computer combined with high level of security and privacy. The Net+ Virtual Card will be part of the Neteller Desktop which will also enable users to view the balance on their e-wallet accounts without the need to visit the main Neteller site.

The second choice is a physical Net+ MasterCard card to access funds within the user's e-wallet at points-of-sale or by withdrawing cash at ATMs. The card will be usable at 27.3 million locations, including 1.9 million ATMs, worldwide where MasterCard is accepted.

The integration process between Neteller and TransSend is at an advanced stage, with the early October launch on schedule, a statement from Neteller advises.

Ron Martin, President and Chief Executive Officer of the Neteller Group, said: "This is another important milestone for Neteller and demonstrates further evidence of the Group delivering on its strategy. The anticipated launch of the Net+ prepaid cards will provide our consumers with a more effective and cost-efficient way to withdraw and utilise funds in their e-wallets."

Richard Jones, CEO of TransSend, said: "Neteller's position as a leading provider of innovative payment solutions and their widespread customer base in both gaming and non-gaming markets made them an attractive partner for us. We fully expect that this partnership will generate one of the leading prepaid card programmes in the market today and are excited about the opportunities we see within Neteller’s card-based strategy for further developments."

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