SOUTH AFRICA – South African fintech player Ukheshe has agreed to buy Oltio from Mastercard, the company that developed the digital payments platform for Masterpass, Mastercard’s QR code payments service.
The deal value has not been disclosed, but TechCentral has reported as per its understanding that it runs into multiple millions of US dollars.
Ukheshe has an established partnership with Mastercard and is a participant in the payment giant’s Accelerate programme. The programme allows it to tap into Mastercard’s technology, data, expertise, and global network of corporate clients and fintechs to help scale its operations globally.
“Ukheshe will continue to provide the same support to the banks and other service providers that currently offer Masterpass”
Ukheshe will continue to provide the same support to the banks and other service providers that currently offer Masterpass, ensuring business continuity with no impact to consumers or merchants,” Ukheshe said in a statement.
Ukheshe CEO Clayton Hayward said in the statement that Oltio is a “natural fit” for the company.
The transaction is anticipated to close by the end of the year.