South Africa’s Net1 UEPS Technologies, provider of payment solutions and transaction processing services, in a press release, announced the establishment of a new subsidiary called ZAZOO Limited in the UK, to oversee the global expansion of its mobile payment and value-added business services.
The new establishment will focus on worldwide growth opportunities, especially in the UK, Europe, USA, India and other developed and emerging markets. It also aims to coordinate all the research and development (R&D) including operations and marketing activities related with the company’s mobile businesses.
“Mobile presents one of the greatest untapped opportunities in the payments industry and we believe our mobile technologies and intellectual property are poised to capture these opportunities. With a dedicated brand, a focused management team and a strong sales pipeline, we are highly optimistic about driving the next leg of growth for Net1,” said Dr Serge Belamant, Chairman and CEO of Net1.
“ZAZOO is well-positioned to become an exciting global technology company at the forefront of payment solutions, with a range of innovative products,” said Philip Belamant, Managing Director of ZAZOO. “We intend to take Net1’s patented technology solutions to new markets and new clients, with London serving as a convenient hub from which we will coordinate all our global efforts, unlock the value of our products and solutions and build a technology company for the future. We chose the name ZAZOO and our new corporate logo because it’s catchy and memorable and evokes a sense of energy that reflects the spirit and passion of our business culture,” he added.
ZAZOO is an aggregation of technology companies and provider of payment solutions/transaction processing services; their diverse product is consolidated into five primary business lines: Mobile banking, MNO Solutions, Third Party Payments, Cryptography and Chip.
Net1 provides alternative payment structures that leverage on its Universal Electronic Payment System (UEPS) to enhance biometrically secure, real-time electronic transaction processing to populations of developing economies in the world in an offline or online environment.