Vendtek Systems Announces PagPop Contract Award in Brazil
(Filing Services Canada Via Acquire Media NewsEdge) Vancouver, British Columbia CANADA, January 08, 2014 /FSC/ - VendTek Systems Inc. (VSI - TSX Venture), (the "Company" or VendTek"), a developer and licensor of software for the global pre-paid and financial services markets is pleased to announce that its wholly owned Brazilian subsidiary, Now Prepay Servicos de Informatica Ltda. ("NPSI"), has signed an agreement with PagPop.
Founded in 2006, PagPop, with offices im Ribeirao Preto and Rio de Janeiro, has developed a card reader that attaches to Android and IOS-based smartphones. The technology allows low-income Brazilian consumers and small and medium-sized businesses that have been excluded from traditional banking services to make and accept credit card payments via smartphones, landlines or computers through the internet.
PagPop has about 70,000 clients, mostly comprising low-income, independent professionals.
The first phase of this partnership will allow Now Prepay to start capturing payments, and debit and credit transactions through PagPop's solution. We expect to launch during the first half of 2014.
"PagPop's solutions has helped meet the growing needs in the mobile payment market. Since approximately 60% of Brazil's population is unbanked, mobile payments are one of the only options to help households and small businesses make and accept payments. This is an agreement that will be beneficial to both companies as we can utilize each other's networks to grow", said Doug Buchanan President and CEO of VendTek Systems Inc.
"By 2016 we intend to achieve a base of 300 thousand clients and the partnership with VendTek will certainly help us achieve that goal through offering low-income clients and independent professionals efficient and accesible options of financial and payment services", evaluates Macio Campos, PagPop's CEO.
For more information please contact Samatha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org
VendTek develops and licenses automated transaction system software and supporting technologies. VendTek's customers, subsidiaries and its Now Prepay division use e-Fresh(tm) software to build electronic, prepaid services networks that enable consumers to purchase prepaid products and services via POS and self-serve terminals connected to a central server. This system creates significant value through improved efficiencies compared to a traditional distribution model. e-Fresh(tm) reduces shrinkage and inventory requirements for vendors while improving consumer access to prepaid products and services by completely eliminating physical cards and vouchers. VendTek has deployed its software around the world including Canada, United States, Asia, the Middle East and Africa. For further information please visit the Company'swebsites www.vendteksystems.com and www.nowprepay.com.
PagPop is the leader company in the segment of means of payment with card readers for smartphones. Founded as VitalCred, in 2006, in the city of Ribeirao Preto (SP), in 2011 the company was selected to participate on the first program of companies' acceleration of the digital incubator 21212. During the program, the company went through a rebranding and changed its name to PagPop. It has received investments from Intel Capital, Cetus Investimentos, Maubisa Group and Cisneros Group. Nowadays, it has a team of 52 employees distributed in the offices of Ribeirao Preto and Rio de Janeiro (RJ), it also has a base of 60 thousand clients, composed mostly by professionals that use the service to make transactions in a fast and safe way, anytime or place, with safety and an anti-fraud process used by big banks and corporations.
To view the press release as a PDF file, please click on the following link:
Source: VendTek Systems Inc. (TSX-V VSI) www.vendteksys.com
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