Welcome to the 3rd
payfair newsletter

Dear Readers, it is my pleasure providing you with our third
newsletter today. The last 11 months, since I joined payfair, has
been a most fulfilling experience. payfair is indeed in a unique
position due to its status as an Exempt Financial Service
provider or Payment Scheme, its strong recognition as "the new
SEPA compliant payment scheme" in Europe, the support by
authorities on EU and a national level and its experienced and
motivated staff. Recent developments have proven that payfair
is well positioned and making headway in establishing itself as
a new force in the market.

It is amazing to see what the Company has achieved during
2011 and the number of milestones that have been achieved,
graduating from a start- up and "power point" company to a
real operational organisation providing a wider range of
products and services to both corporate customers i.e. issuers,
and retail customers.

It is a demanding task to meet the required operational level to
support these first market segments, businesses and the
growing sales opportunities of payfair. In response to becoming
operational, payfair started the e-voucher business in Belgium
and introduced new Corporate Business Products. Our lunch
voucher scheme has launched in Belgium, where our partners
Monizze and I-Kena are busy producing e-voucher cards for
their expanding customer base. Since the beginning of the year
we have achieved a 100% technical acceptance in all Belgium
terminals and we have signed Acquiring contracts with major
retailers.

This is proving our capability to respond quickly to market
needs and turning ideas into solutions. It has also proven the
reliability and capability of our systems.

payfair's product and service portfolio has been extended.
Apart from offering services and solutions for domestic and
cross-border card or mobile based payment solutions, payfair
is offering solutions for E-commerce payments, prepaid
solutions, closed loop solutions and e-voucher solutions.

We have entered new markets in the CEE and MEA region,
having signed partnership agreements, MOU's and LOI's in
different key markets, proving that our range of products
and services are meeting customer expectations and our
innovations are of interest to banks, merchants and users.

New and experienced key personnel have been employed from
within the industry to support the Business Plan 2011-2012. We
will ensure that we offer the best implementation support as well
as assuring operational excellence and match the required
service levels.

We are looking forward with great optimism into 2012 and the
whole payfair team wish you a Merry Christmas and Happy
New Year.