NETELLER Group and Centricom Establish Joint Venture to Distribute POLi Online Bank Payment Platform in Europe

POLi launched in the UK to increase access to online payment choice and reduce card-not-present fraud

Tuesday, 11 March 2008 – The NETELLER Group (LSE: NLR), the independent global online payments business, has established a joint venture, Centricom Europe Limited, with Centricom Pty Ltd, to distribute the POLi service in Europe. Under the joint venture, the Group also announces the launch of the POLi payment service for the UK market, distributed through NETELLER’s payment processing arm, NETBANX.

In August 2007, the NETELLER Group announced it had taken a 25% strategic stake in Australian POLi operator, Centricom Pty Ltd. The European joint venture is a 50/50 joint venture between both parties.

The POLi service is a safe and convenient method to make online payments. Through the POLi service, consumers can make payments to merchants anywhere in the world directly from their existing Internet banking service without disclosing their bank or credit card details. According to reporting merchants in Australia who have implemented POLi, the service now accounts for an average of 23% of their total online payment transactions. The new UK service supports transfers from all major UK high street banks.

According to UK payment industry trade body APACS, in 2006, the most recent year surveyed, the average card transaction cost to merchants was GBP1.69, 15% of adults in the UK did not have access to cards for payment, and card-not-present (online) fraud increased by 16% to GBP212 million.

The POLi service helps solve these key problems: it allows people without cards to pay online and pay from their trusted internet banking service, and it significantly reduces fraud and repudiation risk for merchants, compared with other on-line payment types such as credit and debit cards. And it enjoys high consumer confidence as no user information is captured or stored by the service.

Ron Martin, President & Chief Executive Officer of NETELLER, said “We continue to be very pleased with our ongoing relationship with Centricom. We believe the POLi service offers significant benefits to merchants who sell products and services online. This increased investment is part of our commitment to delivering the best total online payments solution suite for merchants.”

Simon Warner, Chief Executive Officer & Executive Director of Centricom and Centricom Europe, said “The NETELLER Group relationship gives POLi a strong foothold in the European market. Whilst online purchases are becoming more convenient, many consumers are still wary about using their cards over the Internet because of fraud and identity theft. The POLi service overcomes these barriers.”

POLi in UK is operated by Centricom Europe Limited, and is distributed to merchants through the NETELLER Group’s payment arm, NETBANX. More information can be found at www.netbanx.com.

About Centricom
Since its launch in October 2004, Centricom has been steadily building and refining its online payments business. Under the guidance of Managing Director Simon Warner, the Centricom team brings together industry experts in banking, on-line transactional processing and Web based services. The POLi service now operates in four countries: Australia, New Zealand, South Africa and the UK. For more information on Centricom and the POLi service, visit www.centricom.com.

About the NETELLER Group
Trusted by consumers and merchants in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the world's leading independent online payments business. Through its NETELLER, NETBANX, and 1-Pay brands, the Group specialises in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.

NETELLER Plc is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com.

Published on: 12:00AM on 2nd April 2008