INTERNATIONAL BREAKTHROUGH FOR PAYNOVA

Paynova concludes agreement with Europes leading provider of card payment services.

Paynova AB, which offers secure online payments using a digital wallet, has entered into an agreement with easycash GmbH, a wholly-owned subsidiary of GZS mbH, Germanys leading online card payment company. For Paynova the contract lays the foundation for a strong long-term position on the German market.

The German online market is the biggest in Europe, with a turnover of over EUR 20 billion, 25% generated in the consumer market. Of a continuously expanding Internet population - currently 43 million users - 40% already shop online. Parent company GZS and easycash have a considerable market share of these online payments. The financial flow through GZS’s operation totalled EUR 60 billion in 2003. To date the German online market has been dominated by payments by debit card and direct debit. The Paynova Wallet will complement easycash’s existing range of payment services, which primarily comprise debit and credit card payments. The Wallet will therefore fulfil a need for easy, secure payment and greater functionality in payment services. With the easycash agreement Paynova has provided a unique platform for the Paynova Wallet on the German market.

"The co-operation with easycash and GZS has tremendous potential both commercially and in terms of branding," says Paynova CEO Pelle Hjortblad, who was one of the key figures in the expansion of Tele2 and Song. "The agreement with easycash not only encompasses a technical platform for payments online and via terminals. The ownership structure will also enable Paynova to reach banks and their customers on the German market," Pelle Hjortblad concludes.

For more information, please contact:

Pelle Hjortblad, CEO, Paynova AB.

Mobile +46 (0)701-81 01 10, Tel +46 (0)8-517 100 07

Peter Enström, Board Chairman, Paynova AB.

Mobile + 46 (0)705-74 99 82

About Paynova

Paynova AB is a company specialising in secure online payments. The Paynova Wallet is a digital wallet for digital transactions that can handle amounts from 5 pence and up. The digital wallet enables the customer to manage and control purchases limiting his/her personal credit card or eBanking information to only one counterpart. The Paynova Wallet is easy to get, use and install. More than 20 000 banks worldwide accept the Paynova solution for VISA and MasterCard payments. By the 31 December 2003, agreements had been signed with 475 merchants. Paynova is listed on the stock exchange (NGM Equity) as of the 26 February 2004. Pelle Hjortblad is the CEO of Paynova. The full Paynova share prospectus can be found at www.paynova.com

About easycash

At the end of 2002, GZS, Gesellschaft für Zahlungssysteme mbH, acquired easycash GmbH from Deutsche Bank AG. Easycash is the market leader in Germany for digital payments using debit card, Geldkarte and direct debit. Easycash also offers loyalty programmes and various additional services.

In 2003 easycash had a transaction turnover of EUR 40 billion, generated by 617 million transactions online and at terminals. The company is based in Ratingen and Eschborn, Germany, and also has an operation in Vienna, Austria.

GZS mbH, Gesellschaft für Zahlungssysteme, is owned by a number of savings banks, private banks and commercial banks. More than 2 300 banks use GZS to deal with their card transactions. In 2003 GZS handled over 800 million transactions with a total value of EUR 60 billion. GZS has 1 200 employees and is headquartered in Bad Vilbel, Germany.

Further information can be found at www.easycash.de and www.gzs.de.

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