Net1 launches African-focused payments venture with Zapper
A white-label QR payment product will be deployed across the continent
Net1 has partnered with mobile payments company Zapper to launch a new African-focused venture, it said on Thursday. Zapper is “the leading SA QR [quick-response code] payments technology company with more than a million customers”, and Net1 has formed “a strategic relationship” with it, Net1 said. QR codes, which are widely used in China by companies such as Tencent’s WeChat and Alibaba’s Alipay, use square patterns to facilitate mobile transactions. The two companies would partner to launch ZappGroup Africa, which would deploy a white-label QR payment product across the continent. Net1 said it had bought a 50% stake in a new entity called V2 for $5m and it would invest another $5m in the company for working capital. V2 in turn owns 67% of ZappGroup Africa, with Zapper owning the balance. Zapper currently operates in SA, the UK and the US. V2 would license both Zapper’s QR payment technology and Net1’s own products. ZappGroup Africa held an exclusive licence for Zapper’s QR techn...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.