Showmax Is Now South Africa’s Second Most Watched Internet TV

Showmax, the internet TV service owned by MultiChoice, is gaining traction in South Africa. Internet TV is taking off across South Africa with several local...

Latest Posts

SA-Born 4IR-Tech Disruptor Revolutionises Traditional Lay-By System

The traditional lay-by system has long represented an enormous headache for merchants and retailers, marked by high administrative costs and high non-completion rates. But...

Making Wi-Fi 6 Smarter With Huawei 5G-Powered Smart Antenna Technology

Wireless communications and signal processing expert Dr Doron Ezri, the Wi-Fi CTO of Data Communications Product Line at Huawei, told an audience of industry...

Prosus’ PayU Spend R15.8 Billion in FinTech Acquisition Trail

PayU, the payments and FinTech business of Prosus, has invested a staggering $1 billion (R15.8 billion) on FinTech and mergers & acquisitions (M&A) globally...

Bob van Dijk has R65 Billion in Cash. The Boss of Prosus is Hunting for Buys

There is no doubt that Bob van Dijk, the CEO of Prosus, wants to make a big acquisition. The Dutch arm of South African...

SA’s Net 1 to invest R567 million into India’s MobiKwik

South Africa’s Net 1 is planning to inject R567 million ($40 million) over the next two years in India’s digital payment firm MobiKwik. By Staff Writer

The Nasdaq and JSE-listed tech firm informed investors on Friday that through the technology agreement, it’s Virtual Card technology will be integrated across all MobiKwik wallets in order to provide ubiquity across all merchants in India.

MobiKwik is India’s largest independent mobile payments network, with over 32 million users and 100,000 retailers.

MobiKwik’s current shareholders include Sequoia Capital, Tree Line Asia, American Express, Cisco Investments, GMO Payment Gateway and MediaTek, as well as Bipin Preet Singh and Upasana Taku, the founders and executive officers.

According to a July 2016 Google-BCG study, the size of India’s digital payments industry will reach $500 billion by 2020, representing a ten-fold increase from current levels.

The report predicts that more than 50% of India’s internet users are expected to use digital payments by 2020, and the top 100 million users are expected to drive 70% of digital payments by value. The report also predicts that the value of remittances and money transfers that will pass through alternative digital payment instruments will double to 30% by 2020.

There are many similarities between South Africa and India including highly regulated markets, limited infrastructure and large unbanked populations.

“Our strategic investment in MobiKwik provides us with meaningful participation in one ofthe largest and fastest growing digital payment markets globally,” said Serge Belamant,Chairman and CEO of Net1.

“We believe that this investment will accelerate our ability to build scale in India.Over the next three years, MobiKwik has targeted having 150 million users and 500,000 merchants, and the introduction of our various technologies is expected to enhance theirvalue proposition and differentiation to users, online and offline merchants, increaseacceptance, and accelerate growth.”

Net 1 has seen Zazoo’s global footprint expanding into 12 African countries, and it also has a presence in Colombia, India, Spain, South Korea, the Philippines, the UK and the US.

Zazoo plans to take Net1’s patented technology, such as mobile virtual card (MVC) payment app and soon-to-be launched Biometric Variable PIN, to new markets, using London as a convenient hub from which to coordinate all its global deals.

Latest Posts

SA-Born 4IR-Tech Disruptor Revolutionises Traditional Lay-By System

The traditional lay-by system has long represented an enormous headache for merchants and retailers, marked by high administrative costs and high non-completion rates. But...

Making Wi-Fi 6 Smarter With Huawei 5G-Powered Smart Antenna Technology

Wireless communications and signal processing expert Dr Doron Ezri, the Wi-Fi CTO of Data Communications Product Line at Huawei, told an audience of industry...

Prosus’ PayU Spend R15.8 Billion in FinTech Acquisition Trail

PayU, the payments and FinTech business of Prosus, has invested a staggering $1 billion (R15.8 billion) on FinTech and mergers & acquisitions (M&A) globally...

Bob van Dijk has R65 Billion in Cash. The Boss of Prosus is Hunting for Buys

There is no doubt that Bob van Dijk, the CEO of Prosus, wants to make a big acquisition. The Dutch arm of South African...

Don't Miss

Why Vodacom Looks Best Positioned To Weather Coronavirus Storm

Vodacom, South Africa’s mobile phone operator that is transforming itself into a technology company, is well-positioned to weather the coronavirus storm as it got...

The Differences Between Digital Signatures And Electronic Signatures

Numerous businesses have adopted the paperless policy by taking measures to stay ahead of time, especially during the COVID-19 pandemic and its effect on...

Forex Brokers in South Africa

With the advancements in technology that have been witnessed in the last few years, forex trading has been made more accessible than ever before....

The Hospital of the Future – 5G and IoT Inspired

Health and social care in the UK can benefit from the roll-out of 5G and Internet of Things (IoT) technologies, according to new research from...

The New MINI Countryman Is Equipped With A SIM Card

The new MINI Countryman: always online and up-to-date thanks to intelligent networking, according to the carmaker. "The progressive character of the new MINI Countryman is...

Stay in touch

To be updated with all the latest news, offers and special announcements.