BENGALURU: South Africa headquartered global payments solutions and transaction processing company Net1 UEPS Technologies Inc has announced a strategic partnership with digital wallet player MobiKwik. Net1 will invest $40 million in MobiKwik and will integrate its Virtual Card technology with the MobiKwik wallet as part of the subscription agreement.The tie-up provides an entry point to Net1 into the fast growing digital payments market in India. Integrating the Virtual Card technology on its platform will eliminate the need to tie-up with retailers for MobiKwik, providing easier acceptance across multiple use cases. "We are excited to partner with one of India's most utilized and recognized digital platforms, through which we can introduce our products and services. In its recent round of funding in May, MobiKwik had raised $ 50 million led by Japan's payment gateway GMO and Taiwan based semi-conductor company, MediaTek.

Source: Economic Times August 26, 2016 09:33 UTC