Mobi724 Global Solutions (CSE: MOS) Announces the Signing of a Multi-Year Agreement with ENCASH in the Philippines
30 Apr, 2015, 13:45 ET
MONTREAL, April 30, 2015 /CNW Telbec/ - Mobi724 Asia Inc., a subsidiary of Mobi724 Global Solutions Inc. ("Mobi724" or the "company") (CSE:MOS), a technology leader in the digital incentives, couponing and payment solutions, today announced that it has signed a major contract with ENCASH Inc. which will make ENCASH the first EMV compliant ATM switch in the Philippines.
Robert Rioux, President of Mobi724 Asia, and Marcel Vienneau, CEO of Mobi724 Global Solutions explained, "We are very pleased to engage in a multi-year agreement with ENCASH – a leader in the ATM transaction processing in the Philippines. This will enable our company to generate revenues as early as the beginning of Q3. Our entire infrastructure is set in this country and we will build on this relationship to further expand in this region. This contract is the first among many agreements with local banks anticipated in the very near future".
ENCASH will use Mobi724's payment technology to execute EMV transactions to their customer base. This will be in compliance with the Philippine Central Bank's requirement for local banks to be in accordance with all international EMV standards. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip.
EMV® is a global standard for credit and debit payment cards based on chip card technology, taking its name from the card schemes Europay, MasterCard, and Visa.
About ENCASH (Electronic Network Cash Tellers Inc.)
ENCASH is a Manila-headquartered company focused on retail automated teller machines ("ATMs"), ATM process outsourcing and software sales to Philippine banks, both large and small. Their products and services provide smaller Philippine banks with increased distribution capability, and greater fee-based revenue potential, with limited capital outlay. It also helps these banks increase customer traffic by giving them access to new products, new customers, and an enhanced brand offering.
ENCASH is the first non-bank member of MegaLink. It has the second-largest number of ATMs in the MegaLink network. Within 2015, ENCASH will move to the Bancnet network, which will become the only ATM switch in the Philippines.
About Mobi724 Global Solutions
Mobi724 Global Solutions (CSE: MOS), formerly Hybrid PayTech World Inc. (CSE: HPT), a corporation based in Montreal, Canada, is a technology leader in digital incentives (such as mobile couponing & loyalty rewards) and payment solutions (including mobile payment).
Mobi724 Global Solutions unleashes the true potential of both payment and couponing/rewards transactions for both online and offline points of sale.
The company is fully dedicated to deliver unique "real time" and seamless digital promotional incentives (coupons, bank cards, loyalty rewards) embedded into the most secured payment environment. The company provides to its customers full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Their credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
Mobi724 PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Mobi724 Global Solutions Inc.
For further information: on its products and on Mobi724 Global Solutions, visit www.mobi724globalsolutions.com or contact Mr. Marcel Vienneau: 1-514-394-5200 Ext 413.
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