Revenues are up 25% for payment solutions and transaction processing services company, Net1 UEPS Technologies, for the quarter ending June 30, 2013.

The company, which is listed on both the Nasdaq in the US and South Africa's Johannesburg Stock Exchange (JSE), increased its revenue to $118 million for the quarter ended June 30.

Meanwhile, revenue for the full-year ended June 30 also increased by 31% to $452 million.

Net1 operates payment processors in South Africa, Republic of Korea, and Ghana.

In South Africa the company has worked with MasterCard, the South African Social Security Agency (Sassa) and Grindrod Bank to issue recipients of social grants across the country debit cards with biometric functionality.

Net1 was awarded the Sassa tender contract to distribute social welfare grants to ten million South Africans every month, for a period of five years.

But according to the company's results statement, factors that have impacted on its results include the weakening South African rand, Sassa implementation costs and legal fees.

Earlier this year, South Africa’s Supreme Court of Appeal ruled that Net1 UEPS Technologies was not fraudulently awarded a contract by the South African government.

The court case came about following allegations by Absa company, AllPay, of tender manipulation and bribery.
South Africa’s special investigating unit, the Hawks, have also said that they are not investigating Net1 anymore.

"The US dollar appreciated by 14% against the South African Rand during Q4 2013 which negatively impacted reported results," reads the statement.

It continues, "Our Sassa contract implementation and smart card costs of $9 million were 15% higher when compared to Q4 2012."