Net1 Acquires Stake in Masterpayment, Signs Agreement With Bank Frick

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Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) Monday announced it has acquired a 60 percent interest in Masterpayment AG.In collaboration with Bank Frick & Co. AG, Masterpayment provides its e-commerce merchants with working capital optimization by providing a flexible form of financing, which employs a trading transaction instead of traditional bank credit.Serge Belamant, Chairman and CEO of Net1 noted "The acquisition of a majority stake in Masterpayment and the strategic co-operation agreement with Bank Frick provides Net1 with the critical tools required to expand our product suite and geographic reach into Europe." Shares of Net 1 UEPS Technologies are down 1.48 percent to $8.98 Monday.

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