African Firm Buys Into Hong Kong Payments Company

Net 1 UEPS Technologies Inc. has acquired a 43.88% interest in Transact24 Limited, a specialist Hong Kong-based payment services company.

T24's primary business activities include Chinese debit card acquiring, and the company has processing relationships with China UnionPay, AliPay and five other Chinese gateways.

"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."

T24 also issues US Dollar-denominated Visa prepaid cards, South African Rand-denominated MasterCard prepaid cards and Hong Kong Dollar-denominated China UnionPay prepaid cards.