Vendtek Systems Announces PagPop Contract Award in Brazil
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 investment@vendteksystem.com
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