5. Apr. 2016 - Press release
Bank Frick strategic banking partner of Net1
BFC Group Establishment in Liechtenstein has sold its controlling share in the payment company Masterpayment AG to the NASDAQ-listed company Net 1 UEPS Technologies Inc. (Net1). Bank Frick & Co. AG and Net1 signed a strategic cooperation agreement as part of this transaction.
Balzers (LI), Johannesburg (ZA) – The South African company Net1 has acquired a 60 per cent share of Masterpayment AG in Germany. Masterpayment was previously majority owned by BFC Group Establishment.
Masterpayment offers payment and acquiring services for all major European debit and credit cards as well as invoicing for online retail. Masterpayment currently has a client portfolio of around 5,000 registered merchants.
Seamless inventory financing for e-commerce
In cooperation with Bank Frick, Masterpayment also optimises working capital as an additional service for its e-commerce clients. This product is called Finetrading and enables retailers to seamlessly finance orders for goods, resulting in accelerated payment settlements and eliminating the requirement for a merchant to maintainrolling reservesor cash advances.
Net1 and Masterpayment agreed a long-term strategic partnership with Bank Frick as part of this transaction. As Net1’s strategic banking partner, Bank Frick will provide support and banking services for the products and services offered by Net1 in Europe (virtual credit card payments [VCpay], Finetrading and money transfers).
Expanding presence in Europe
The remaining 40 per cent of Masterpayment shares will continue to be held by the company’s management team and BFC Group Establishment. Net1 has the option to purchase the remaining shares.
“The acquisition of a majority stake in Masterpayment and the strategic cooperation agreement with Bank Frick provides Net1 with the critical tools required to expand our product portfolio and geographic reach into Europe”, said Serge Belamant, Chairman and CEO of Net1. “We are completely aligned with Bank Frick’s progressive vision of enabling innovative payment products and new financial technology across Europe.”
“Outstanding payment solutions”
“The collaboration with Net1 is an important part of our international payment strategy”, said Edi Wögerer, CEO of Bank Frick. “Net1 has proved it can successfully roll out its superior payment solutions globally. As Net1’s strategic banking partner, we are very excited to develop our services together in the European markets.”
Net1 is a leading provider of alternative payment systems, which utilise the company’s own Universal Electronic Payment System (UEPS) or its proprietary mobile technologies. Net1 provides the leading payment systems in South Africa and South Korea.
The UEPS enables companies to make biometrically secure electronic payments in real time. It can also be used in banking and health management, as well as for payroll accounting, remittance, voting and identification purposes.
Among the range of mobile technologies developed by Net1 is the Mobile Virtual Card (MVC), which can be used to make secure mobile payments as well as for mobile banking and prepaid value-added services in developed and emerging markets.
Net1 has a primary listing on the NASDAQ stock exchange in New York and a secondary listing on the Johannesburg Stock Exchange in South Africa.
Masterpayment AG was founded in Germany in 2010 and has subsidiaries in Germany, the UK and Liechtenstein. Masterpayment combines the technical abilities of a payment service provider with the commercial leeway of a credit card acquirer and the financing possibilities of a regulated fully licensed bank through its banking partner, Bank Frick.