Pakistan’s fastest growing telecommunications carrier Ufone today announced the signing of a strategic agreement with e-pay Asia Limited (ASX/AIM: “EPY”) and e-pay Pakistan (collectively referred hereon as “e-pay”), committing the two industry leaders to promote and increase usage of electronic top up (“e-Top-Up”) by the country’s rapidly growing base of 30 million prepaid mobile subscribers.

Pakistan has a population of about 170 million people with 96% of all mobile users in the country on prepaid accounts and, cash is the main form of payment to buy top up airtime. According to Frost & Sullivan, Pakistan’s total number of prepaid mobile users will surpass 53 million by 2008 generating about $3 billion in mobile top up revenues.

Babar Khan President & CEO Ufone said: “Ufone is pleased to launch Pakistan’s largest electronic recharge service with e-pay. Ufone customers can now enjoy the convenience and security of using cash to buy recharge airtime at virtually anywhere and anytime. The e-Top-Up system by e-pay is already supported by 39 mobile operators in 12 countries worldwide.”

Ufone’s Vice President Commercial MR Mubashir Naqvi said: “The alliance with e-pay is another major milestone in Ufone’s ongoing commitment to seek innovative solutions to improve its customer value prosition. This deal will not only provide our customers with the ease of convenience but will also create more employment opportunities in Pakistan.”

“In addition to point of sale terminals, e-pay plans to launch other forms of e-Top-Up”, said Mr. Tariq Fuad, Chairman of e-pay Pakistan, “They include prepaid mobile recharge via ATM machines, cash registers, mobile phones, kiosks and the internet. We look forward to delivering further cost savings and benefits to our customers and partners.

e-pay Asia Managing Director Mr. Simon Loh said: “e-Top-Up will enhance Ufone’s offering, improve supply chain efficiency and deliver immediate benefits to millions of consumers. With the addition of SMS and internet top up, we could witness a significant shift in user preference towards electronic top up in Pakistan much faster than anticipated.”