Net 1 UEPS Technologies 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 – 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.
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.
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.
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