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Ukash and NETeller Move Ahead

By: R. Kingsley, Saturday November 8th 2008
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Ukash is a financial services provider that offers convenience cash vouchers for the online gaming and other businesses. Ukash is making a major foray into Spain, which is a growing online gaming market. In this initiative it is being partnered by the Spanish telecommunications giant Telefonica. Once the deal is implemented Ukash vouchers will be available at the 70,000 day and night Telefonica kiosks across Spain. Initially vouchers valued at €10 and €5 will be issued.

The process devised by Ukash is exceedingly simple. The users have to follow the on-screen instructions and deposits coins for the value of the voucher they want to purchase. They will then receive a unique and secure 19-digit code via SMS text message on their mobile phone. This number can be forwarded to the online casinos for crediting the funds to the users account.

Telefonica is the ideal partner for Ukash. The Telefonica kiosks have the capability to send SMS to mobile phones since 2003 and have been used as points of sale for small payments since 2004. Juan Utande Ramiro, marketing director of Telefonica adds that its kiosks are present in the majority of communities, including rural areas and this would be a major advantage for Ukash. The Ukash spokesman said that a joint marketing and outdoor advertising campaign is likely to be launched soon to promote the new scheme.

Meanwhile NETeller has reported dream results for Q3 ended on September 30. The past is well and truly buried. The revenue has increased 27% as compared to Q3 in 2007. The amazing aspect about this growth is that the Asia Pacific revenues have grown by 61%. Clearly the future lies in the Asia Pacific and NETeller's shift from the United States to Asia Pacific has paid big dividends. The growth has not so much from new customers but from increased usage by existing customers, with the latter going up by 23%. The other important financial highlights included gross margin of 60 percent, operating income of $3.8 million and $89.4 million in cash and cash equivalents.

Ron Martin, President & CEO, commented on these results. He said that strategy of integrating its products into a single Payment Suite is beginning to show results especially among key sectors that NETeller is targeting. The launch of Net+ prepaid physical and virtual cards has been instrumental in the results. He said that NETeller was on course and the Board believes the Group is on track to meet current market expectations for the full year. This month NETeller is expected complete the process of changing its name to Neovia.

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