Net 1 UEPS Technologies (Net1), a provider of alternative payment systems that operates primarily in South Africa and Korea, has announced the acquisition of Transact24 (T24), a Hong Kong-based payment services firm.
The South African company now owns a 43.88 per cent stake in T24, a company that specialises in credit card acquiring and prepaid Card issuance and prepaid card program management.
T24 also has direct links with China’s major card processors, including UnionPay, AliPay and five other Chinese gateways.
Established in 2006, T24 has established relationships with processing institutions in the UK, Germany, Australia, Singapore, Mauritius and the U.S. This development now provides Net 1 with an opportunity to deliver its payment solutions to institutions all across the globe.
‘‘The T24 management team has a wealth of experience in transaction processing, and will provide us with specialist marketing business development resources to expand the adoption of the Net1 product range including our Mobile Virtual Card product,’’ commented Dr Serge Belamant, Chairman and CEO of Net1.
‘‘T24 also provides Net1 with an entry into the rapidly growing Chinese e-commerce and transaction processing markets through its established relationships with China UnionPay and AliPay,’’ concluded Belamant.
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