JOHANNESBURG--(BUSINESS WIRE)--Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) (NasdaqGS:UEPS) (JSE:NT1) today announced that it has acquired a 43.88% interest in Transact24 Limited (“T24”), a specialist Hong Kong-based payment services company.
T24’s primary business activities include:
- Chinese debit card acquiring – T24 has processing relationships with China UnionPay, AliPay and five other Chinese gateways;
- Credit card acquiring – T24 has acquiring relationships with banks and processing institutions in the UK, Germany, Australia and Mauritius. T24 also offers a white-labeled credit card acquiring gateway to entities who wish to outsource the technical integration and operations of their acquiring gateways;
- Automated clearing house (“ACH”) processing – T24 provides unsecured loan ACH processing for Tribal and State-licensed lenders in the USA;
- Prepaid card issuing and processing – T24 issues US Dollar-denominated Visa prepaid cards, South African Rand-denominated MasterCard prepaid cards and Hong Kong Dollar-denominated China UnionPay prepaid cards.
“T24's businesses are all complementary to Net1’s existing products and will further expand our product suite and geographic reach accordingly,” said Dr. Serge Belamant, Chairman and CEO of Net1. “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. 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,” he concluded.
“We are delighted to have Net1 as a significant shareholder in the T24 group,” said Philip Meyer, CEO and co-founder of T24. “We are excited about the prospects of expanding our product range and markets, and to assist Zazoo with the roll-out of its revolutionary VCPay product,” he concluded.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies. The Company operates market-leading payment processors in South Africa and the Republic of Korea.
UEPS permits the Company to facilitate biometrically secure, real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. Net1’s UEPS/EMV solution is interoperable with global EMV standards that seamlessly enable access to all the UEPS functionality in a traditional EMV environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification.
Net1's mobile technologies include its proprietary mobile payments solution - MVC, which offers secure mobile-based payments, as well as mobile banking and prepaid value-added services in developed and emerging countries. The Company intends to deploy its varied mobile solutions through its Zazoo business unit, which is an aggregation of innovative technology companies and is based in the United Kingdom.
Net1 has a primary listing on the NASDAQ and a secondary listing on the Johannesburg Stock Exchange.
About T24 (www.transact24.com)
T24 is a Hong Kong-based Payment Services Company, established in 2006, with offices and/or satellite entities in Australia, Singapore, China, Mauritius, South Africa, Austria, Gibraltar, the USA and the UK.
T24’s payment services products include Chinese Debit Card and Credit Card Acquiring; ACH processing; and Prepaid Card Issuance and Prepaid Card Program Management. T24 owns the IP for all its processing systems and all its systems are PCI DSS Level 1 compliant.
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical fact, included in this press release regarding strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. Factors that might cause such differences include, but are not limited to: the possibility that the expected synergies from the transaction will not be realized, or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; and other factors, many of which are beyond the Company’s control; and other important factors included in the Company’s reports filed with the Securities and Exchange Commission, particularly in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014, as such Risk Factors may be updated from time to time in subsequent reports. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.