Background:

PASO Organism began its construction in March 2005 and was completed in November 2008. As a result, the Organism today has its own network with POS (terminals) in hundreds of enterprises and is connected electronically with the eight most basic banks of Cyprus. Today the Organism via the POS (terminals) which it has installed in the enterprises of his network serves thousands of consumers. Concretely, from the 11th of November 2008, the publication of card PASO for the wide public began. We estimate that by June 2010 the holders of PASO card will be more than 100 thousands. The goal is that until the 31^st of December 2010, the members of the Organism- PASO card holders will exceed the 200 thousands.

As far as the enterprises are concerned, a very careful choice in the shops is being made, with the aim of covering all the needs of the consumers in all areas. From the total of shops-enterprises a 30% is approximately selected. When the selection of shops-enterprises is completed, their number will amount in thousands all over Cyprus.

Long-term Objective:

The long-term objective is the distribution of PASO card in all European countries. The next country after Cyprus is Greece. That is, Cypriots that visit Greece will be able to use their card in the Greek area. The same will apply for Greeks who visit Cyprus. The objective of PASO is to offer its holders quality in their shopping but also saving of money.

THE USE OF PASO CARD

Shopping from anyone of the hundreds of enterprises of the PASO card program, after paying the product that you bought, you will give your card to be passed from the terminal (POS) so as that your card will be credited with the corresponding percentage -amount that is written in the list of enterprises that we dispatch to you.

1^st Example:

You buy from a shop products that worth 100Euros. In the list of enterprises that particular shop offers to the holders of PASO card 20% credit. Along with the payment of the 100Euros you will give also the PASO card to be passed from the terminal so as that the account of your card will be credited with the amount of 20Euros. For the credit of your account, you will take a receipt which comes out automatically with the passing of your card from the terminal. Also every month, you will receive an account statement for all the transactions that you have made with PASO card and the total amount with which your card has been credited. This amount is returned to you with a banking cheque.

Return of money:

The return of money takes place every month comprehended that the amount of saving is 10Euros and more. If not, the money remains in your card until the minimum amount of 10Euros is supplemented in order for your cheque to be sent (not more than once a month). For the management cost of your card, the amount of 3,50Euros will be abstracted each time you get a cheque, independently from the amount of the cheque.

2^nd Example:

If a family makes correct use of PASO card and its expenses in the products/services that PASO card covers are 20,000Euros in one year, it will save up about 3,000Euros.