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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 hasn’t been disclosed, but TechCentral understands 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, ensuring business continuity with no impact to consumers or merchants,” Ukheshe said in a statement on Friday. Ukheshe CEO Clayton Hayward said in the statement that Oltio is a “natural fit” for the company. “Ukheshe is well placed to continue providing fintechs, telcos and banks with payment solutions and services that will further deepen financial inclusion in South Africa.”
The transaction is anticipated to close by the end of the year.